Earnings Call: H1 2020

Aug 26, 2020

Good evening, all. With Sara, a good example of 9 tunnel borrower and soon-ten operation on Grand Prix Express. Thanks being present today for this presentation of this half year results of the group. Thanks to those who joined us in this audience. We decided to keep this meeting live, reducing the amount of present people, as to abide by the rules of physical distance due to the situation. Let me command those who are with us, usually. And given the circumstances, are following us remotely. But it seemed important to gather and share directly. We are experiencing a unheard of time perturbated, turning our professional and private lives topsy-turvy. We adapted permanently to the change in the situation to make sure that we can go, say, continue separation of our core visibility, preserve health and safety of our employees, our partners, and clients have always been a guide. I wish to thank our employees. Their motivation remained intact during this time. And it is greatly thanks to them that we could face the situation. The faultless engagement enabled us to go on operating for some jobs and in the country's enabling us to do so. And it's professionalism that they mobilize to find solutions enabling to resume our activities in satisfactory health conditions. And I do not forget those who have been impacted or whose next of kin have been impacted and I want to reassure them of our support. Were ensured during this health crisis, the con the operational continuity of our core activity fees. And with the, functioning of our countries where we are present, our teams remain mobilized on the ground. And the service everybody in order to maintain the, hospital maintenance, sustainability of the food chain, provision of electricity water and gas. And operational continuity for the motorways trucks and airports. We'll let solid data connections as close as possible to the ground. Besides financial aid, we we provided masks to hospitals or association. We implemented specific operations on our highways motorways for the drivers, truck drivers, health, staff, and those in the service of public. I wish to commend The personal actions led by many employees of the group as well as by the FS Foundation. Beyond the shadow of a doubt, the compact organization of the group has been a major asset to react with agility as close as possible to the territories where we are present in order to cast a light On the impact of COVID-nineteen, our activities, it seemed important to share with you the effect on our activity rate in the Four main countries where we are present. As you notice, measures of lockdown chosen by the various governments had a very different impact for works and public works. With the exception with the activities where the essential sectors would remain totally operational in all of the countries. The positive side of this graph is to prove that we know how to integrate the, varied gestures in our lines of business, and we'll learn how to work by incorporating the health constraints of COVID. In France, in order to make the turnaround possible, we participated in the implementation of the guide of the Public Office of Public Works, enabling everybody to integrate the barrier gesture and the operation so as to preserve the safety of everybody. The recovery has been done progressively, safely for all our employees Beginning of April, several operations had restarted end of June, almost all of the construction sites were working with 90% of our staff. The fight against the virus requires to be aware at every second and to care for one another. The teams in all our locations adapted the organization of work, so as to integrate those battered gestures, taking account the specificities of each business line. The group proved that we know how to work under sanitary constraint and receiving all the protection equipments necessary to our operations. We are totally organized not to stop our activities. In case an eruption of COVID, our processes will enable to stop the dissemination so that the effect remain local and limited in time. Following these few words, about this unprecedented crisis, allow me to come back to the activity because in spite of an interruption sometimes or some weeks, construction sites were expecting us, and our teams were happy to be back as soon as possible. The group, as you know, is very committed on the program We have 350 employees involved in all the projects on this map. On the line 16.15 tunnel borrowers are operational and the 6 in last will start digging in fall 2020. As I said last February, 6 machines on the same process is absolutely exceptional. We have reached in 27 months of time 400,000 hours of insertion, how to the 500,000 that we committed to deliver during the whole period of the works. On Line 15 South, 2 tunnel bores are operational. Camille progressed 1 point 7 kilometers out of the 3.4.3. Tunnel Barra Aisha who started in December, it progressed 874 meters out of the 3.2 kilometers. It's a full speed construction. On line 14, Claire Tunnelbor completed 70% of the track. It should reach the last station of Chevy Trokomirn end of September and finish digging beginning of December 2020. The year and a half civil engineering will be necessary to finalize the works. On the E. O. Project Virgina, who trod half of the path is nearing Port Mayu. Final destination station gas and gas will be reached third quarter 2021. On screen, it's the thousands girdle that took place in June. The bridges are ready and they will be started in implementation fourth quarter 2021 on the track We delivered gas on wheel garage and finished the refurbishing of the truck's Magjanta and Usman and Azar. Teams of Efash Energy Systems follow-up on the high and low voltage networks. We are still working on several, batches on CDG Express. We refurbished all of the trucks on the operational network that required 5 weeks of work, continuous work in a very tricky environment. Besides the Grand Paris Express project, we are operating on the train tunnel Lyon Turan. We didn't start during the crisis. We have only six hundred meters to dig out of the 12 kilometers, end of digging summer 2021. 3 batches are on the tender for a total of 1,000,000,000. This will be taking end of 2020. Beyond tunnels, in spite of the constraint, linked to the health context, the three buildings of Luresco were finalized on May 5th 9000 Square Meters will host the teams of Ubisoft, project illustrating the strategy of the group terms of sustainable construction as witnessed or testified with the various labels for its environmental performances. We inaugurated in February, the reflect program on the Versailles, 72 housing units over 3 buildings. The teams of Efash hold started in May, the earth, world, and access roads on place for Efraj Aminajima. 20 Ekta project for a residential purpose with 330 new housing units. It will mobilize also the team's Efraj Energy System. July 8th, we erected the 1st pilot, Ecadiba, Design, made and implemented by Fazian Energy System and the Fazian Mittal, and the framework of the refurbishing of the 400,000 volts line, Havlanger Vail, who will feed 530 Little Towns in Vodafone, The aim is to reduce the impact on the way of life of the inhabitants In spite of the lockdown, we successfully sold 1863,000 units compared to 2534, 2019. There's a strong traction on real estate, especially in He's never far away from the Apple Tower. Our teams of Efraj Mittal work on the renovation of the elevator on the northern pillar. In August, we used to process low carbon recital ARM on the road 746 in, Western France. It was about to regenerate 3 kilometers of the road with a biosourced, digital biosourced emulsion I already discussed earlier. And we're doing the same on the D96 in the same amount department mall. Maybe you've seen those pictures on TV, or maybe you read about it in the press, our teams this Sunday morning, demolished through an explosion of a tower of 55,000 meters 8, and 40,000 tons of concrete hasn't been drawn for the past 13 years. Operation implemented in the framework of development of the new neighborhood sued led by Efaj Aminajamo. In Belgium, we have delivered the dam lock Harald Beke, two thirty meters long, twelve point five meters width. In the framework of the project, Senesco, about to improve the link between the river's San and the river, Escal. It's called it. In Spain, we have delivered the long just solar farm in Europe, Nunez De Balboa, a solar farm of 500 megawatts on a 1000 hectares operated by Iberdrola in April. Since 2010, it's 50 solar farms built by Fazian AG Systems International, Spain, Africa, Latin America, the caribbeans. Over 1.6 gigabytes, gigawatts sorry, our electric capacity being delivered. In Germany, we implement the renovation work of a piece of 10 kilometers on the track, Oldenburg, Williams Havin, and Saxony. Out of the contracts of projects 5 have been allotted to a group led by afage over 1,000,000 of works. At Goye, the traction remains very good for the activity. And warsaw, our subsidiary, delivered the 41,700 square meters of the facade of the hub tower, 130 meters high. Senegal works went on on the train, the local train of Dakar. May has been highlighted by the last fine tuning that will able to deliver this track of 37 kilometers in the to come. The stations of the will are already ready to welcome the first travelers In Africa, in the framework of the Millennium program under American Financing, we have secured 4 contracts 4 high voltage positions in Bina, 2 electric lines in Bina, in 2 high voltage posts in Ghana, enabling the electrification of Africa. Concession side, as you see on screen, the brutal decrease of the motorway traffic during the lockdown The quarterly traffic came back to the level of 2007. And at the same time, the Airports of England to do so the traffic reduced to the tune of 9 5%. With the end of a lockdown, then the restriction of displacement of moves, the resumption of the motorway traffic has been significant. Traffic on July August and APRR is ridiculous, to the 1 of 2019. Conversely so, the recovery of the air traffic is very slow since July remained around 25% and August is expected slightly over 30% of the 2019 traffic. And the motorway concessions at Farash finalized the acquisition of 2% of APRR and ADLAC for a net investment of 1,000,000 financed on its cash flow. In September, we'll launch on a piece of 8 kilometer of the motorway A48, direction Leon Grenob. The first path in France devoted to car sharing and to cars with a low carbon release. At peak hours, when the white light will flash, the left way will be devoted to car sharing. Maximum speed will then be 50 kilometers an hour highe30 miles per hour. In spite of the pandemic, we went on winning important contracts, March 3rd, Rafael Construction received in general enterprise by the Gessina Group, the renovation of the former headquarters of Peugeot in Paris named Live, a refurbishing of 33,500 square meters on 9th floors and fall below ground beginning in December and delivery in 2022. March 5th, the Faraj Concession won a group on the contract of public service for 20 years of the future swimming pool of Marinac, Global amount of investment for this project is above 1,000,000. E Fresh Construction will dave with the design construction of the projects. With the start of the contract, we resumed the operation of the future Motorway A79. 6 in March, our specialist Goya signed a contract for the facade of the Tower Tullio designed by Dominique Perot. April 7, a fair is consistent with the group in fifty-fifty finalized the financing and signed the PPP contract of Modelway A3 for 30 3 0 years. Works with an amount of 1,000,000,000 implemented by Farj and Johan Buunter, Germany. April 15, following the authorization of starting the works, Siphaz and recruitment started the execution studies and the building of a section of 80 kilometers of the phase one of HS2 between London and Bernegan, 15 wide depths, 5 kilometers of covered trenches 52 kilometers of road, 67 FlyOver Bridges and 30,000,000 cubic meters of excavation, for 1,000,000,000, 35 percent of it for Hiphaz. May 6, signing by a fresh construction and groupment for a contract for design construction and maintenance for 5 years of the Paris sector hospital for an out of 1,000,000. It's the 4th major operations signed by the group in the health sector in 2020, a total of 1,000,000. June 9th, Afaj Mittal won an agreement, a market for a station for the wind farm, Olin Secussed in Northern Sea, a structure of 70 meters high, the equivalent of a tower of 25 stares, 25 flights. July 2nd, Efash Construction was appointed Laureate for the market of construction of the tertiary projects Joya, 49,000 square meters in R Plus 7, I. A. Ground floor plus 7 floors in Fort Nissubo. July 6th, if our energy system won the contract for the delivery installation and implementation operation, our system of ventilation for line 1617 of Grandpa East Place. And 23rd, July, study, signaling, replication, of replacement of signals of over 500 kilometers of high speed line train. Paris Lyon's 58 new signaling stations, a contract for over 1,000,000, as you have seen, the business activity remained very in spite of a lockdown. Yesterday in Belgium, we won an agreement the contract for the construction of new headquarters of the RTBF, the public radio and TV in Belgium, a building of Six Floors, 38,000 square meters together with housing units, schools, kindergartens, and shops. All the significant contracts enabled a strong growth of our book of orders. However, we remain careful about the renewal of the goodwill who were affected, impacted by the postponement of the local elections in France and the effects of the pandemic on some of our industrial customers. In addition to those highlights of our activities, works and concessions, we went on Spreading, low carbon strategy as I explained several times. We published in April our first Climate Report defined according to the TCFD framework, PreciseING Risks And Opportunities of Finance linked to the energy transition and to climate change. The group will align itself on the trajectory of 2 degrees centigrade adopted by the agreement of Paris of 2015. I'm convinced that we cannot do it on our own We must mobilize the collective intelligence to make ASAP the standard of low carbon, which is still in pioneering stage. Aware of the challenges to adopt a sustainable growth. We have ambition to measure to gauge the impact of each and every line of business of ours to assess the environmental damage. We published our biodiversity plan and the framework of the process committed enterprises for nature, act for nature, France. It's been over 10 years that the Fash committed itself and the fight against the erosion of biodiversity. Our successive commitments enabled us to integrate the operation of the preservation of the living stock in our businesses. The recovery plans being implemented in order to get out from the economic crisis outcome of the sanitary crisis, our use in Europe as accelerators for climate and environmental transition It's very good news for our line of business and we intend to put forward our assets. Group also implemented new tools to strengthen and diversify our means At attractive conditions, Efash was rated F2shorttermmyfitch and implemented its first floating of bonds 500,000,000 7 years. APR are refinanced €4,100,000,000 in its book of debt and was credited a minus at S And P. Financing, we're very welcomed by banks and investors in general showing their trust in our group. Let's get to the major figures strong decrease of the linking a decrease of operating profit to the tune of 1,000,000. Facing this exceptional crisis, our loss remains limited to 1000000. The financial net debt at 1,000,000,000 and choice the contradictory measures taken at the beginning of the pandemic. The order book is increasing by 15% to over 1,000,000,000. It's 1,000,000,000. The activity that we could not implement due to the COVID, but it also and order intake on the half year to above 1,000,000 above those of 2019. Regarding the short term perspective, certain amount of elements give us, I mean, make us trust our capacity to have a, turnover a turnaround on the second half year. All our construction sites have resumed. With the end of the restructuring, our motorway con concessions enjoyed the traffic rate close to the one over the past year. All the governments are very sensitized to adapt very locally and as close as possible to the territories, the health conditions in case of the resumption of the pandemic. Even if we may have localized impacts, we hope to avoid significant lockdowns. Our teams integrated well, the health constraint and their productivity is very close now to the one we had without the COVID. On this base, we anticipate a decrease of the activity and of the profits on all the year, but a significant turnaround at the second half year. Medium range, our construction works concessions are at the heart, at the core of the environmental transition. We have a very wide portfolio of solutions much we've been working for several years because we remain convinced that the challenges of climate and biodiversity are fantastic opportunities for our business consistency of our geographic positioning, our strategy of development of our businesses in all of the territory where we are sustainably present positions naturally as partners for the territories and the acceleration of their environmental transition. Thank you for your attention, and I invite Christian to deliver the detailed explanation of the financial elements. Good evening, everyone. Good evening to those of you in the room and those watching us online. Let's go through the, figures that we just mentioned. So there are no surprises, revenue is down both in contracting and concession to the tune of about 20% 19% down there's very little by scope effect, regarding contracts with part of a few acquisitions here and there. And in Concessions, we integrated Toulouse Airport as a change in scope. On the right hand side, you can see that this lower revenue well, the job of revenue is much worse in France, twice as much in France, 21% down compared to the international on 11% down. If you look at the picture on the left hand side, revenue is down more significantly in, in construction, well, there's, most of an international because we have, well, less exposure internationally and the international sector resisted better, you can see this infrastructure. And, we also, have, less degradation in maintenance service on vital functions, they were not interrupted, but we have less presence there. This is mostly because for energy systems. On the right hand side, you can see a a breakdown of the countries on the 3 major countries outside France, which in a full year generated about 1,000,000,000 euro in revenue. Germany remained very dynamic, plus 8.7%. Spain remains stable whereas in Belgium, the drop in revenue was due to the crisis was about the same as in France, minus 22% And if you look at the difference in contracting between H2 2020 or H1 2020 and last year, you can see that, of course, revenue is significantly down by and large. If you look at civil engineering and public works, roadworks and building not including energy and this is not on the slide, but the margin is done by about 6 percent in France and only 2% international talking about public works, not including property development or energy. So this is a bit significant, but that targets the main difference in the drop of profitability. And so you have contracting a loss of 146,000,000 compared with a profit of 115,000,000 H1, twenty nineteen, of course, you have the health crisis, but on top of that, you have high seasonality that in any case, tends to bring, income down. Concessions because of their, cost structure have a positive margin, 36%, but it's still down and the income is down about 40%. All in all operating profit remains positive operating margin 3.8 percent. And so, well, we can see that profitability is down compared with the 4 years of stability that came before. Now if you look at all the sectors in work in contracting France, of course, we are very much exposed and that's the country that suffered most. But also you have another situation contracts tend to be lump sum contract and they're not advisable. So cannot really get compensations and that means that the margins were eroded there and so because of this combination lump fixed prices and volumes. This is why you have a significant drop in income. But property development resisted rather well, we see that the number of bookings were up And also the profit is better because we generated about 1,000,000 in profits. So margin is up 6%. But the only concern is that because of the postponed elections in France, there was fewer building permits, so this is So not just for property development, but also other urban developments. Now you may remember that as part of the pandemic, we started a number of projects here in the limousa, we decided to build a plant of FF P2 protection masks, and that will be operational as early as November. And that means France will gain more autonomy in providing its own mask. And so over and beyond the present health crisis, we are gaining some form of autonomy. In infrastructure, revenue is down by 15% overall, 20% down in France in civil engineering, less so in Afage metal because we started the offshore wind farm in San Azale in engineering, where Grand Paris expressed accounts for about 1,000,000 on the half year compared with 1,000,000 now year. Of course, there would have been even more of the growth had it not been for the pandemic. In France, in roadworks, roadworks what suffered the most, income is 23 percent down, so 23. So both in volume, but all in income. And also this is the business where we have the highest fixed cost because this is our own works. We also, bought back the balance of the many headquarters in Ducev and Bande, we anticipated that now we have 100% of that. So that's an additional expenses and internationally in civil engineering, we have a good momentum in Germany, especially for infrastructure. We've for the past three 4 or half years, we've been enjoying this and production didn't stop in Germany with the pandemic and in fact, we generated almost 11% growth in civil engineering and road work in Germany. Let's go to Senegal and Senegal we had this internal support operation for our own employees. We provided them with the food baskets. So there are about 22,000 employees sort of doing the pandemic, we supplied them with these food baskets. Energy system is the branch that did the sector that resisted best during the lockdown period in France in Germany and Spain, these two countries were most resilient. We had ten and growth in over the half year in these two countries. So even though the profit margin is down, it remains positive at 11.1% So what you have is this slightly positive profit margin in France and a very limited a decline internationally because we have only 1% we're only 1% down compared to last year with a strong robust performance in Germany in the Netherlands and in Spain. And indeed in Spain is where we were able mobilizing 30 the people, 24 hours a day, we were able to set up a countryside hospital in Arbor City, the medical school, and that was built in record time. We talked about lower traffic, APRR, of course, weekly traffic vary between its normal and minus 83% for the lowest week and came back to minus 14% on the last week in June. So this amplitude in variation accounts for the drop in revenue at about minus 25 percent like point for profit. EBITDA margin remains high because, we have less by way of fixed costs, less so than in contracting and we're very careful about expenses. On other financial aspects, we continued the implementation of the CapEx plan and we refinanced our FRA's debt bank debt and the undrawn credit line of APRR do this every 5 or 7 years on top of the issuance of bonds. And then we have the vegetable garden city operation. And the idea is that we have urban vegetable patches where we can provide local produce to, to local inhabitants, which presents less risk for consumers. Now we have another slide here regarding concessions. On the left hand side, we have something new and we have a recap of the main operations and concessions. Revenue was down but less so, minus 20% less so than for overall concessions than for motorways for two reasons because with the PPPs have no risks and they generate stable incons such as BPL, we have 2 airports, now to be absolutely clear, the revenue of Toulouse is a change in scope and that of is organic growth because it's a new concession. And that's because there's less traffic on motorways. Another point, we depreciated rewrote down. We had an impairment on the Pierre Moa Stadium for its commercial activity because of the uncertain commercial income. So now we only look at the income that income from the PPP because that's where we have a fixed, guaranteed income. We took that decision on the basis of the whole year for the commercial part because there's uncertainty both on shows that can be programmed and indeed the reopening we don't know when we will be able to reopen the facility for other sporting events or other shows. Another example of operations conducted during the lockdown, the boarding school at Muazilogrol was developed PP by Afage. And for a period of 2 weeks, we, received young, students, who normally stayed in foster homes or who were ill with COVID. So we had them there, we housed them there for 2 weeks. On the consolidated income statement, apart from income and revenue, we have other income and expenses, non current expenses, they are down, they now amount to a net expense of 1,000,000. So we look at the details of that. That's where we have the impairment of the stadium. To outside the concessions. And we also took into account the 61 band seen payment that we received as part of the transaction on the buyback of 2% of APRR and Adilac. That is in line with accounting regulations. The cost of net debt now it's stabilized but it's still down 1,000,000 because of the new bonds that APR issued and less expensive than previous bonds. In other financial income and expenses we had in 2019, dividend paid by get clean. We don't have it this year. And then the effective tax rate is 30.3% compared with 30 sorry, it would be it's almost 33%. So we'll be close to 32% this year compared with last year at 30%. So all in all, this is why we have a net loss of 1,000,000. Regarding the balance sheet and if we look at the cost of net debt, so here is the transition bridge, we started off with 1,000,000,000 of course, EBITDA was down for 142,000,000, predictably. The seasonal variation in working capital requirement is less so than in 2019 as a result of the lesser Naples in May. So that means that we have fewer, receivables, in the pipelines as it were, and we had, at the same time, the, the payment of, of bills that we that were issued in Q1 where business was normal. Likewise, for bills received from third parties, which are less than the previous than the former, hence a positive effect on the WCR, not just in our company, but elsewhere in the industry. So taxes are down, especially corporate income tax. So all in all, we have an operational cash book 1,000,000. So we generated cash even though this was a very challenging period. In regarding operational CapEx, we have increased in contracting, related to the TBRs, the tunnel boring machines, TBM is a beg your pardon for the Grand Paris Express and the concession with the starting of the work on the A79 motorway to the tune of 1,000,000. So normally we this is normal. We have a negative cash flow in H1 and now it's very negative to this 1,000,000. It's amplified. It was less than last year. And we have also the buyback of 2% of APRs, so that's external growth. And in capital operations, we have the dividends paid by APRR to its minority shareholder increase in capital reserve to employees and the buyback of shares less 2019. We limited that because of the pandemic. And in this health SIM logic, we decided not to pay a dividend for the year 2019. So as a result of that, the net debt at was 1,000,000,000. And you on the next slide, you compare with the last year, 30 June 2019, it was only it was 1,000,000,000. So the is not so big, a limited increase in spite of this challenging half year because of the preventive measures that I just mentioned and because we kept WCR under control in H1. But you have to keep in mind to keep the analysis complete that there were external growth operations over the past 12 months. We acquired to lose. And that meant we also had to acquire the debt of Toulouse Airport. And of course, the 2% of APRR and the small operations of external growth. And indeed, we started work on A79 that was financed on our own funds during the COVID period. So, the net cash position is 202,000,000 and the non recourse debt stands at 1,000,000,000, that's for concessions. Now this is a new slide that we want to propose share. Some of you during the, pandemic, some analysts and investors want to be concerned about our cash position. So if you start with the bottom side you can see on the bottom boxes, the numbers I gave you, 1,000,000 to 1,000,000 in net cash, for the holding company and contracting an 1,000,000,000 on concessions. And then if you go up, you have the breakdown of for the holding in terms of net and gross cash positions. Of course, we have a number of instruments we have a program to securitize receivables. We have 2 commercial paper programs and the issue of a opening bond for 1,000,000 in June for principal. And on top of that, you have the undrawn credit 1,000,000,000. 1,000,000,000, I beg your pardon for the holding company. And so that means we have 1,000,000,000 in cash at 30 June. Likewise in concessions at FPR, we have 1,000,000,000 in short term cash and 1,000,000,000 in undrawn credit line. And so we have billion in cash. So that's a snapshot of the cash position. We don't draw sort of sum up the totals because we have flows where Afage SA is in control, but other flows in concessions where some assets are held by minority interest and you have covenants, debt covenants without recourse. And that is why, we show the debt net debt of the group in this way because this is in line with the constructor, Abigail Partners Contractor, concession contract concession model, contract concession model. And finally, we have our order book that stands at 1,000,000,000, as Benoit said, an increase for the reason we mentioned. If you look at the various business areas, we have the 21% in infrastructure, which secured the major contracts, which gives us more visibility on top of the major projects of Grand Paris Express. So much for this presentation, but now we are ready questions. So unusually, we will take, questions from analysts by phone because of the, quarantine, some of the analysts had to remain in London or elsewhere. So then we'll have questions from the audience, then we'll have questions in French by phone. And then questions in English by phone, we will translate, question and answers to these questions. So, we will have now the first questions and Benoit now joins me. Two questions. 1, Afton FRE in AP2Rgalaxy in the second about on the works, works giving the amount of provisional amounts and costs Well, a Faraj construction, a Faraj and Far will be Positive again. And secondly, on AP2R, same question on investment budgets. Given what can be expected this year and next year, There was a restructuring of the shareholding of AP to R, not through FRE, but Afrej took 4% on MAP 2. Is this the forerunner of a strengthening position there? First question regarding APR on MAF2. What's happened basically is that taking the 4% from MAF2 we didn't change at all the way we control today through FRE. The initial, alliance. The only thing is that being 4% of MAP 2, there were evolutions in MAPF, they would be part of those evolution, but not very highly. Second, the most basic element is for the time being that, as you know, the most important part of map 2 is in the pocket of an Australian, company. So no internal evolution on the shareholding of APRR. We consolidated those 52% the governance remains the same as previously. The only thing is that being clearly the leading shareholder we deliver a certain amount of services. This is why we did it, and we explained it then. 2 additional elements to the acquisition of those 4 percent of MAF2. 1 was the remnant since it's it's in the books, and we have a management fee of FSSA for all of the services delivered to deal with the assets. But I think honestly that there's no evolution to be expected yet The positioning is that, would there be an evolution? We are the core shareholders of NAFTA and so then NAFTA that thinks could happen. I can explain about the CapEx of APSR given the interruption of the sites Given the figures, the amount is slightly below this year at 1,000,000, which the 450,000,000 also next year in 2022, 350,000,000 that we gave you. And we go on on the next years. Regarding more generally, the second question on the works, Basically, today, the assumptions as we see them And as I tried to explain in my presentation, we operate in spite of COVID All the operations have resumed. We imagine to be close to the activity we had last year, and we still have some effects that can impact our profitability. But if you take those elements, you put them together, Of course, we are on the turnaround of the second half year that should really bring back a positive back on all the construction sites. Would it mind be positive on the whole of the year? Yes. Was the answer? Yes. HSBC book of order, margins, concessions. First question about the books of order. What are the rules you're entering a new business in the book of order? What is the risk for cancellation if things go wrong What is your security in the book of order? 2nd question on margins. Beyond this year, which has been perturbated, can we expect in 2021 margins similar to 19. 3rd question about the concession, do you think that the current atmosphere gives some sustainability before the presidential election. A deal, for instance, of extension of the concession, in exchange of, tariffs. Book of orders signed contract means signed contract. Internationally, we expect first to get the down payment. In terms of cancellation, all the contracts seem to us to be without any risk of cancellation. For all the major contracts, then a small order could be canceled, but nothing significant book of order will be implemented. We do not expect any loss of order. For the time being, we had no cancellation. We had sometimes and some industrial lines of business, but for the time being, we didn't notice any significant loss in the book of order. So you're a general question about the margins. Globally speaking, we integrated in a satisfactory way the health constraints the effects on productivity, which are weaker and weaker Most of the impact is the installations necessary on the, construction site for the, online rest rounds and so on and so forth. We lost almost 1 hour per employee in per day. But Eventually, those downtime is reduced reasonably there would be no intrinsic effect on the quality of the margins and the way we can home them. Today, we have important books of order, but on the goodwill, I put it forward. The, calendar of the local elections really impacted them because We didn't have time to talk to. There were lots of tenders. Yes. The local municipalities are in financial conditions, which are not bad. The other element is that we understand the will of the government to go on helping the local territories because this is the net for the SMIs SMEs. If it goes better at the beginning of next year, will it remain at the same volumes? Well, if we don't have the same volumes, that's gonna some impact indeed. I hope to have been clear enough in my answers. Philippe, do you want to give an answer? Generally speaking, we work to make suggestions to improve the networks and the framework of the low carbon. We worked a lot internally on all the issues of environmental transition, which will have a meaning for our motorways. So months ago, the government and the, cabinet minister of transport asked us for our ideas of investment. Enabling to improve and speed up the environmental transition on the motorways to reconquer biodiversity And this investment plan would aim at the turnaround of the economy. Without getting into the details, this plan could incorporate a massive development of charging stations, say, tunnels for wildlife, more parking lots, Lanes devoted to car sharing. We were foreigners in the area with the integration of, an extra line Building of parking secure parking lots for HDVs. A certain amount investments going into the direction of environmental transition and biodiversity. Discussions are underway moving forward at a reasonable pace, but it's too early to speak about the content of the plant, its volume. Thank you, Philippe. Two questions on digitization. Due to the health situation, could this speed up the digital solution on your construction sites Second question, you, Efaj, could you be interested by external growth in those businesses It's acquired software companies, for instance. I'll start with the second question, if you don't mind. Quite often, when you have an idea or a solution, it's roll your own solutions to be as close as possible, to the ground. But our job is our job. And I think you have to know how to open up quickly During something internally, enables us to find the solution, which is as close as what is expected, we have a partnership with Final Cut. All the started about the solution developed internally that we're using already, but then the means of the pure players of the software to be at the right speed and integrate no ideas out. Without comparison with what we can do, and we remain a line of business where there's a lot I mean, ecosystem is very complex. We need very powerful machines to be able to integrate all this. We don't have, the right sciences that we feed ourselves on the others. There's no interest for us to internalize. We already have enough core businesses. We're not looking to software. We just have to bet on the right horse, helping us to move faster On the acceleration provoked by the crisis, Well, what is linked to, digitization. Yes. Of course. We moved faster. Those who were dilliedling progressed like never before in their lives. With those new tools and with the limits. We like human contact. Distance is not an easy game. The year, most I mean, the company progressed. We talked about the ERP group, you know, Tafaz decided to have an ERP was shared service centers. It made us very powerful to maintain the capacity of, billing, cashing in, all this work perfectly during the lockdown. It helped. The speeding up of this in our lines of businesses will go on doing it. The true digitization is the one going to the core of our business. I see it more into the industrialization of our jobs. Both are working together, and we noticed that the locations who are bearing more on digitization, turned around much faster. Rather than compared to a very traditional, environment. Yes. It is accelerating, a more industrial vision of our businesses. And I'm convinced that our experience will help us to move faster in this direction. Traffic. You mentioned the fact that the summit traffic was close to the level of 2019. Can you elaborate. Is it true for the HDV and LVs? Did you notice or analyzed different dynamics. I mean, the teleworking change The, uses since they're a wider diversity of traffic, what do you have an idea of the distance traveled by the users. We have the feeling that Friday nights and Saturdays didn't see traffic jams on the motorways. So how do you analyze that? What can you say about it? What was the impact on the S2? Indeed, if we look into July, August, traffic volumes are equivalent to the ones we had in 2019. With a increase in August of people going on vacation. This year, we enjoyed mercly French clients, almost exclusively French, with the deficit of foreign clients very visible in our networks. To be close to 2019, it's we're very close in both segments, LVs and HDVs. Trends due to the working so far, we didn't notice and a major change on the composition of traffic. And honestly, it's difficult to say things moved or will move in the short or medium term. I don't think there's going to be an impact on the track I've seen studies concluding that teleworking will develop traffic on the motorways. So it's the complex as an issue as a topic. Some surveys show that people would rather telework from their Countries side rather than from the city apartment. Some segments of the network are excessively, used by to and through traffic between NCM Geneve, which was most impacted by the nature of traffic because it is truly a intrinsic characteristic of the motorway. So it's easier to look there. We had also issues with the border. We don't know what is the share for teleworking and the fact that there were some problems of health issues between Swiss Switzerland in France. This is what we can say. It's one of the topics we will monitor in second half of the year. As I said in the presentation, the effect of the restriction of travels to 100 in in in the 100 Kilometers area. Well, there was an upsurge in traffic when the restriction, of the limitation of travel to 100 kilometers around your home was lifted. I want to ask the question, additional one. You said that July, August, traffic HDV was equivalent to the 1 in 2019. To think that the resumption of the HDV will go faster than the 20.08 crisis, well, it took 10 years to resume to the same level. 2nd question about the tenders you mentioned for 1,000,000 on Grand Paris in the next year now. Off, you have enough capacity to win 1 of the 3 tenders. First question regarding HEVs. We never delivered information about the traffic from that point of view. We're all the same elements to imagine something. We didn't do it. Usually, so in this time, we cannot deliver any more information. However, what we noticed, yes, We told it clearly, the HDV traffic as well as LV traffics are very close to the one we experienced in 2019. Tenders linked to the Lyon Tareno Railroad. It's not the same teams. We have a work in progress under Leon Torino, we're with the same partners and would be able to take one more batch of the Vuitton Reno because the core the team is really already existing. Well, there are all the tenders on Grand Paris, We didn't say anything in the presentation, but which are going on. And on which we will have also in 2 times teams, which will be more and more available. Additional question, a PRR with a margin through resisting very well in the first half year. Star costs, professional tax, and various level taxes. What can you say about that? The only thing we can said by deficient, they are proportional. Production taxes are variable compared to the sales and decrease is 24% when the sales decreased by 25%, while the taxes decreased by the same proportion. What we had, we had a very, how should I say, warm winter? So we didn't have many expenses On the decrease of staff expenses, how did things change? During the second half year. Is the partial layoff still working is it over? Look, the situation is stabilized. If things do not go the in the wrong way, it's over with. So staff expenses should be on the rise in second half year and increased by 4 or 5%. I don't have the figure. I cannot give you figures. They have decreased. Yes. They have decreased. By some percentage of 3, 4, 5, 6. I cannot say. Be done with questions in the audience, apparently so. Already then. So now we can take questions online in French. All right. We'll have questions in French online. Question number 1 comes from L. D. R. From JPMorgan. The line's open. Good evening. Thank you. And thank you for giving us the opportunity to put the question on the phone. We appreciate this. I hope we can do this, in the future. Regarding, motorway traffic, a question because, I mean, you saw some changes in traffic patterns over the past few weeks in particular because of the quarantine measures, not just in the UK, but in other countries as well. Do you believe that this means that it will take a while for traffic to come back to normal over the next few months because of of the resurgence of the virus. That was question number 1. Question number 2 on contracting. You referred to, well, profit margins being degraded, but could you give us the guidance on 2021 mean, we were told that, some of your competitors are looking at, margin coming back to normal in 2021, is that your feeling as well? And, question number 3 on the capital allocation. You have some acquisitions, but you could also pay out dividends. What will be the deciding criterion on how you will spend the money and how much we'll go to, to investment and how much will be spent on the dividend And regarding acquisitions, you started off with the airports, but how what is your view on that, on acquisitions in general as well. Thank you. Well, regarding motorway traffic, before, looking at giving you any numbers we looked at the numbers last night, we haven't found much, but we have only a few days to go in August and it's based on that that we told you that July, August would be very much the same as the same period last year. So no visible effect on, as a result of the sanitary measures, and the traffic remains unchanged. Regarding, guidance, the profit margin, has no reason to, deteriorate. We know how to work under restrictions, there are some residual effects, but there are fewer and fewer of those because, our our teams now have, taken it in their strategy. In many case, we have reason to believe that there will be less of these restrictions than in the past. However, we're more concerned about recurring operations and, but I mean, of course, if we remain, if you go back to previous volumes, we should be able to recoup the margins, but of course it all depends on the volumes, that in our restructuring, recurring operations, especially roadworks and in energy systems, of course, when there are strong volume variations that has of course a big effect on profits. The other issue is recurring operations in energy systems with some draw clients, some of them decide to, adjust some of their, operations, so adjustments on our side. So there may be some cutbacks there, but that may compensated by other operations elsewhere. So I'm fairly confident that we should be able to redeploy our capacities. In fact, we found ourselves, in overcapacity, we had trouble hiring. So If anything, we would be more or less back to normal. Now on dividends, we said so very clearly, the decision we made not to pay out a dividend was, of course, because of the political context, I mean, the present state of affairs, we were asked, A, to ensure that, we should pay our dividends only if we did not resort to any kind of states subsidy, a furlough or sort of, benefits were applied to a limited extent but also Spain and Germany And we decided even though we were in a position, we could have paid out a dividend. We decided not to do it, because the overall context. Having said that, the Board of Directors is well aware of the situation. So when it comes to deciding on the payout and the dividends for 2020, Well, of course, the board of directors will take into account the fact that the 2019 dividend wasn't paid out. Regarding capital allocation, there's no change in our policies there. We are in a in a position to pay for our own growth to finance our own organic growth and we will go or external growth, and we will continue to do so in the future. In term precisely of, in terms of external growth, there are a few acquisitions, some contracting acquisitions that may show up, and if such opportunities arise, we will take them, of course, if we have some targeted or specific targets, especially in energy systems, we will be looking that. But we're looking at a small bolt on acquisitions, either indeed in France or elsewhere in Europe. Regarding airport, I believe we already, explained that, our policy is to look at, territories on those territories where we do have a presence then we will be proactive and and deploy all our knowhow, so not just for contracting, but also for concessions, but of course, our, our, sort of, main territory is, is Europe, needless to say. But we will be looking at a greenfield PPP concessions, of course, these are the most attractive because we provide most of the value added, but of course, we have an integrated offer whenever comes about. Well, thank you. Thank you very much. Thank you. The next question, comes from Navya Lammeid from Barclays. You have the floor. Please put your question now. I had 3, sets of questions, if I may. Number 1, could you, give us a figure for the, follow benefits that were the expense in H1. So what's the effect on the cash position? Well, not just that, but also the various forms of financial support. How much that cost too. It's still on costs and, on, construction, margins. I wasn't quite sure how you arrived at your numbers. You have additional costs because of the, the sanitary restrictions, and then there's some business that was taken out, some revenue that was taken out. At 30, June, you had not signed with all your on the distribution of these additional costs in construction. There was some fixed and many of lump sum fixed contracts. But did you take provisions to take on board this degradation in productivity in H2? And then As the follow-up questions, now that you have the largest operator with your customers, can you expect an improvement, in fact, in the profit margins in H2. 2nd question, can you tell us about order intake over the summer, and for, recurring operations you mentioned the fact that there were a delay in municipal elections, but, still, regarding private clients, private customers, what do orders look like? And the final question, you have the climate measures and a number of stimulus packages that have been put out. Can that mean more opportunities in the medium term? Right. Regarding furlough, we, have a, well, we it costs us about 1,000,000 in reimbursing these costs. We have 1,000,000 in France and 1,000,000 outside France. So this is where, we, reimburse, that cost, but that does not mean because the, the taxes, the payroll taxes are less, but if you work it out, Well, had it not been from for the benefits of this, furlough benefits, the results would have been different, but in any case, the profit for the period and a cash position for the period has been effected give or take a few million. Of course, we, when we put in a request reimbursement, we got the money more or less immediately. And of course, when that money came in, it mean that the loss was less. Now the additional costs because of the pandemic and the greater productivity and consumables, an additional overheads cleaning and such like, of course, there was an increase there and that's that was recognized in H1. In accounting terms, we wanted that to be, only considered in H 1, and that should not, sort of be spread out over the year because of we took it as a loss for H1, but, conversely, whenever there was an agreement from the customer, to, to cancel a charge and expense, that was written in immediately, I don't believe there will be further claims in the weeks months to come. I mean, all the cases we're taking care of, in two times. So it's unlikely that there should be new developments that would have an impact on our numbers on our figures after 30 June. Mean, and especially on long term contracts, everything was integrated in our budgets of course, for additional costs, all the additional costs were factored in, and they have marginal debt. So the main impact was felt at 30 June, both in terms of income and expense, so when there was an expense, we we booked it, we recognized it, but likewise, when money came in, now this quarter now, we're only halfway through the quarter. And we don't have the numbers in real time. We get the numbers at the end of the period. So, at this point, we only have the numbers for July. Of course, there's less business in the summer anyway. So I don't think we have much to tell you, for the quarter we did have a major, orders, the headquarters for RTBF in Belgium, but for recurring operations, it early days now, we can't give you, the trend or, well, the numbers for sure. We're looking, monitoring the situation. We have a, well, we have the main, the main chapter is municipalities but, the main concern, as we said, was, well, the municipal elections were delayed 31,000 mayors were elected in the 1st front of elections, but when we have a conversation with several towns, it simply doesn't work. So a lot of it of everything was on hold. So you had this postponed elections, you had the summer holidays, And so, we have to wait till September to see if the, if operations resume on a normal footing. Of course, government authorities would like things to get back to normal that will we'll see how it goes. I mean, we can look at the number of calls for tenders and see that as an indicator. And the final point, is regarding the climate measures. Now More generally, we the one area where everything is clear is the German plan because they know exactly what they want. And our people in Germany take a look stimulus fancy, if they can provide anything. And of course, if they're in a position to offer anything, they do so. So that's Germany In France, there are few areas where we have some visibility, a number of decisions were made as part of the stimulus package, there is the case for the Automotive industry for the aviation industry. And there again, we're in a position to offer solutions and and this has been covered by these stimulus, packages. But of course, the big question mark is, on the energy transition, for buildings and that is, of course, part of the announcements to be expected in the coming weeks. And in this respect, we also have a portfolio of solutions that we can put forward. And of course, it is for us to become and accelerators. Now, we're not talking about huge developments, what we told you about truck drivers and recital. These are small projects, but with the significant effect, and of course, the more significant the effect the more this draws attention and we will be in a position to have pilot sites all over the place. It is underway. Indeed, we sent our climate report in our biodiversity plan to many of our clients. And now people want to hear more about this. They want us to come and give presentations, the public, the general public, voters, expect their, local authorities to take action and very often they don't quite know how to go about it. So if we come up with a portfolio of solutions and with solutions that will make a for us. So is this short, medium of long or long term couple of years ago, I would told you medium term, but now it's in the short term. It can be almost immediate and so that's of course excellent news. Thank you. If I may, put a follow-up, a final follow-up question, just, on the working capital requirement, you are, you have less of the requirements, than, last same period last year, but might we expect a resurgence later this year in H2? Well, of course, when there's less operating profit, it means that there's less cash and if there's more in age too. Well, yes, there may, we will have the more of a WCR. So there was some cash paid out in July, it will continue in August, but that's simply because there's been a delay lag in, in the cash position coming in and going out, and so of course, that will be that will reflect as a new working capital requirement since because there was some operations and good business done over the summer, we can expect cash to come in at the end of the year, but we're not in a position to, I mean, We don't expect much of a change in WCR over the year. I mean, I'm not in a position to tell you more of course, there will be a low point at the end of Q3, where the money has gone up and the cash hasn't come back in. Right. The last next question comes from Nicolas De Mora from Morgan Stanley in the UK. You have before. Please go ahead. We had a fairly exhaustive presentation, but On energy systems, what's the, order book like? It looked like it was, quite, robust. Did you take in some big contracts in energy items. And on, when you negotiate receivables, with your clients, there's said there was no, big changes in, age two, but, I believe that you took the provisions in H1, the idea being that you would be able to have some room for maneuver in a H2. And now you're telling us that there won't be much happening there. So could you give us details there? Yes. Regarding, contracts, between local authorities and with industrial customers. Are there any weak points in the pipeline, are there situations where private clients, in the construction business in property development. Is that where the weak point might be? That's for private clients, but apart from local authorities and industrial clients, are there other things that can you awake at night looking, especially at construction and private clients. On your first question, energy system, we had some significant contracts that we asked on Campari Express because especially at the Farjat Energy System, to do a lot of activity of goodwill activity but still have significant contracts specialized and also an activity, which is rather dynamic. On the Spanish side of the operation, on solar farms and last leg, the African contracts. Has been several half years where, in their weak position, about the export globally in Africa, distribution of electricity, transportation of electricity lines and stations Well, we hone the certain amount of contracts in this program, mainly initiated by President Obama. Wishing to make a large gift to Africa for electrifying it. Well, It's quickly 1000000, 1000000, 1000000 per contract, so it's rather heavy contracts. The other effect is that we are rather French. In terms of average of activity percentage of activity, we had a activity rate more impacted negatively. So what we didn't do remains in the book of order for the future. On the client negotiations, nothing to add. We didn't over provision H1 to ease H2? No. No such thing. And, I have nothing to add to what Christian said earlier. We can note a certain amount of public clients, especially French, with important discussions, We were heard when we said we have to try to put the general framework enabling to help public clients, especially in the local areas, telling them what they could take and what they could not take. Because we shared with the government that the worry after the lockdown would be and protracted discussions who would take the brunt of this event rather than negotiate the contracts. We were heard And the French government did a good job explaining what could be done, what could not be done, not impacting the private sector, but for the public sector it help to move things quicker. This is why we do not expect important effect at H2, whatever was done. And H1 was really is already in the books. The weak points still this topic around the, local governments and municipalities might have several direct effect on roads, motorways, part of the jobs of energy system, and medium, long term, on the, building permits impacting the crash construction. And it's real estate, but also has a designer of buildings for other, builders. One element on which we can be sensitive is that we're aware that a certain amount of red tape bureaucracy was blocked. Teleworking made that nothing happened. And it's clear that beyond the implementation of this, I mean, the the the new elected mayors and municipal councils didn't start working, so we have to wait. If everybody was working from home, it will be much more difficult to move forward for call for tenders and decisions to be taken locally, generally speaking. This is really the most sensitive part. The the postponement of or just no, we didn't notice it, but it's it's not a stoppage, but maybe a postponement. Another element that I showed Olivia Janice is they won't be tertiary programs. Started just like a blank check, like we've seen before the COVID. This will not be the case. Given the load of work, you see no need to go back to the restructuring witness in 2014, 2015. Today, the operations relow level. You don't feel like restarting that. Concessions, building, sensitive to, the decreased volumes that would require restructuring. Olivier, can you answer that answering your question raised earlier. Since the end of the lockdown, we came back to an intake of orders equal to the one we experienced previously. I have no concern. As Benoit said, we'll have to see what's gonna happen in months to come. We are very aware about this structure costs. And every month, we see and we look where it could go wrong to anticipate and reorganization possible reorganization For the time, this is marginal. We have no weak signals on the order intake even if it's very diversified. We have 3 sectors, which are sleeping as the tertiary, the, accommodation and, shops. We hope that the 4th sector will be developed itself. Major question. What's gonna happen with the real estate? It's 40% of our activity according to the measures taken under efficiency In new and refurbishing, it would offset some decreases in markets in other on the roads. We took a measure as to slow down with the investments. It was a decision, immediate decision. Looking into it, how it's gonna evolve in the months to come. And the production means by themselves, as especially the staff. Efforts were made largely before the COVID. We worked in 2019 with, shop them contracts employees. And, of course, we do some thinking that is permanent on the adjustment of our overheads. And the decrease of those overheads for the end of 2020 2021. William Guillaume. So engineering, metal were on long term contracts, We're still hiring with the volume of short term contracts, which is important, gives us some visibility on the short term. Benoit quoted a sudden out of a rations on the long term, like Vivian Chiran and the Great Paris area. So we will remain on those operations, which are rather structuring. And We have some operations that will take the relay once the Grand Paris works will be finalized. We see an evolution on the medium sized projects compared to the Grand Paris. Contracts of 1,000,000. I have in mind some operations for, military. 3rd is metal. Good traction for all Shore And Wind Farm. That was the strategy that led to the acquisition of Smalda a few years ago. So no worry on the short term. We'll look into what's going to happen. Yes, to come. What will be saved would be saved, says the gentleman. Thanks to all of you. I really think in conclusion, regarding this issue of awareness and the fact that we are quiet and secure about the volumes is what shouldn't be forgotten is during the major restructuring done several years ago, We took a lot of volume without having a progression of our overheads in parallel. So we're much more flexible today than we were some years ago, and our businesses the dimension of the structure and the agility when one line of business is not doing as well as the others. Is really a new end is for the teams of all our teams. Next question, Stephanie Bass ABC Hong Kong. Good evening. You almost to most of my questions. Sorry if my questions were already asked. First, Participation of 5% in Get Link. What's your strategy? Can you increase the capital? 2nd question regarding the airports of Toulouse and Lille? Will suffer more than the highways, motorways, What are your expectations regarding those airports? What is your contract of regulation with those 2 airports? The participation get linked to our situation is the same as the one we had in the past half years. We're still convinced about the interest of this asset. The interest that one industrialist might have and improving its competitiveness. We're very focused on the price and the share price of Getling is not matching a capacity to strengthen our position. On the Airports of Toulouse and Lille, issues are slightly different because on Lille, it's a delegation of public service that we won on the tender with a program, an important program of development and CapEx on the span of the 20 years of the concession, I mean, given the traffic And new dimensioning We will have the possibility to adapt the phasing. Globally, the phasing will remain the same, but We'll start with a lesser part at the beginning rather than what we thought of doing initially. Today, the traffic of Lille resumed in a more important way than the one of to lose. Since there's no effect of the shuttle between Paris and Toulouse, which is quite important. But it is impacted by the non opening of Northern Africa, which is a important area for this airport, of region, namely. On to lose We are on a path of turn around. We have no real guidance. Are just noticing what's happening. And we imagine upturns similar to the one of the union of the French airports. We do not expect to resume a level of traffic between before 2023. You had a question about regulation. Lil is an airport beyond the threshold of a certain amount of passengers who were so we're out of some regulation. We have a curve of sharing the profits beyond a certain, above a certain amount of, customers sharing with the, owner of the airport, I mean, the state. To those, we had to have a decrease of tariffs and discuss a new go with the regulation. All this was postponed because we don't have the elements and the capacity to set a framework for this discussion. We are on an extension of last year's tariffs No decrease in tariffs in 2020 as the tariffs of 2019, which were already those of 2018. What we think is about regulation during the year, expecting the new framework that the DGS C will share with all of the airports to define a regulation contract. For the time being we're unable of doing it. As you know, the contracts of the regional airports in France have, grids of economic regulations of the impact we've experienced today will be part and parcel of the negotiation that will take place when it will take place. Thank you very much. No more question in French, but we have one question in English. The questions come from the line of Gregor Kuglitsch from UBS. For questions. Many have been answered, so maybe a couple. Just if you could provide us with some guidance maybe for the next 2 years or indeed beyond for concession CapEx. I think there's been some maybe some re phasing. So if you could just help us out there, please, also concession CapEx is the question. And then just to be crystal clear, what you're saying on margins I what I'm hearing is that you're saying your operating margin in contracting, which last year was 5.4% in H2 shouldn't be materially impacted by COVID? So in other words, you're saying broadly flat. Just to be very clear, that that's what you're that's what you're communicating today. Right. Regarding concession CapEx, we did give you, the numbers for AT,000,000, you have 1,000,000 in 2020s instead of 1,000,000 so that will be postponed to 2021. So it moves from 1000000 to 1000000. And the including 350 on APR without any additional concession CapEx Although beyond the APWR, APRR, there is an important issue, and that is the new greenfield A79 motorway in the Alier department in the Southwest of France. Here we're looking at 200,000,000 in CapEx this year, 1,000,000 in 2021 and the residual 1,000,000 in 2022. That's for the A79. And then for everything else, we have a few BPPs that we had for buildings. We have, aquatic, stadium. We have leisure port, plus airports, but that, of course, we halved what we're looking at in terms of CapEx. And so we're looking at about 1,000,000 in CapEx this year, 1000000 in 2021 and about 1000000 in 2022. So if you add it up, you get the concession CapEx of 1000000 this year, 1000000 in 2021 and 5 50 in 2022 with the end of the work on the new A79 motorway. Is that clear? Regarding, the profit margins, What I was saying earlier on the effect of COVID on the way we generate productivity, well, there's less and less productivity impact of COVID. And so we are looking at intrinsic profitability similar to pre COVID numbers. So in this respect, we don't expect much of a change regarding the well, the other effect where we don't have, for visibility is volumes So the profit margins, the percentage may remain the same. But if volumes remain the same, then profit should be profit numbers should be the same. Income numbers should be the same, because productivity will be essentially on it. Yes, well, of course, it all depends on how much we will be able to do in H2 this year compared to H2 last year. We are looking at, revenue. I mean, we said that in our press release, revenue to be slightly down in H2 in terms of volumes then, and so therefore, profits should also be down And then there would be a marginal effect of, well, in some cases, indeed, we are working under COVID restriction means that there are some productivity impacts, but we'll see 6 months on the road, how much we were able to do it, how much we can expect to do. In 2021. Yes. Thank you. You very much. There are no further questions on the English line. Thank you. So further questions from the audience. We'll take a last question from the audience here. FCU. Thank you. I would like to ask about roadworks and infrastructure The profit, numbers were 4.15 basis points down. Is that, that's true for roadworks. Is that true for infrastructure as a whole, well, we don't give out, individual numbers, but, of course, in road works, the degradation is worse because we are We do mostly our roadworks in France, less so internationally, and we have more fixed costs in France and works both ways. Of course, when we work at full volume, this is accretive, but conversely, the fixed costs are relatively higher when there's less business. And so when the profit margin goes down there too. Right. Well, if there are no further questions, thank you so very much. Thank you to those of you who came to the auditorium And of course, to all of you, following us online and of course, look after yourselves. See you soon. Bye bye.