Chosen just to note the safety to have a physical entity here where we're bringing together all of the speakers, but at the same time, we'll be talking via the Internet. And I very much look forward to all of the questions that we've made for you. I'd like to start out by introducing to you the different people present here around the table. They are all CEOs. I'd like to stress the importance of this point because very often I've been told that I'm a jack of all trades.
I do everything in this company, but that's not true at all. I am the Chairman, and we have CEOs who are all full time CEO in charge of the services sector in the UK. Dave Bruce is also beginning to work now on the United States with a base in Houston. Next, you've known him for quite some time. I'd like to wish a very warm welcome also to Phil Norgate, who is in charge of our merger and acquisition policy.
Phil has worked a great day. He worked a great deal last year for the proposal of France. And this year, he's resumed with acquisitions and we have the acquisition of AIM. Next, we also have Dieter Rogier, who's hesitating between Flemish and Valens. So, day neutral, he's going to speak in English.
And he's in charge of Belgium, Luxembourg and Greece. But in fact, his market is a lot more wide ranging. His market is mainly the European Union. Next, we have Vic Skelly, who is 100% worldwide because Nick is the boss of the GRC activity. GRC, meaning Governance, Risk and And GRC, it corresponds to products that you're already well familiar with, and he will go through those today.
So to get started, let me stress that I've had a certain number of questions concerning the disposal of France. And let's say concerning the impact as well on our product and service offerings. The impact on our product and service offering is very limited because we actually have exactly the same offering, but we do not deploy it in France in terms of services. However, you have Naval Group, Nick, signed a contract with this year. And so henceforth, we will continue to work in France in terms of software and also in terms of GRC software venue management.
So we have a leading position everywhere where we're dressed on the market. And notably in terms of risk management, we are the leader, the global leader in the defense sector. In terms of oil and gas in Scotland, you are the global leader for oil in Aberdeen or rather the Scottish leader, for Belloq, you've now become the for sizable calls for tender, the bids. You could refer here to the bid that you won with the European Patent's Office, for example, which is a very good illustration. And last but not least, we're not going to say we're a leader in terms of merger and acquisitions.
However, we are very successful when it comes to valorizing exactly what we buy. So very briefly, that's what I wanted to say by way of the introduction. And without further ado, let me pass the floor over to Micheli, who's going to present GLC to you.
So thank you very much, Jacques, and good morning to everybody, ladies and gentlemen. I'm just going to start here on the first slide. And I guess the very good news for us here in 2021 is that we're enjoying a very successful year. I would caveat that slightly, of course, by saying that as a product company, there was no question that we were impacted in 2020. Our 2020 result was reasonable from a revenue perspective, very strong from an EBITDA perspective.
But we are, as I say, bouncing back here now in 2021 and very pleased with that. So I'll just have a look here at some of the key issues for us in 2021. You'll see that we are, as I said, in this very strong revenue position, very good growth with EBITDA and revenue. But I suppose the thing that's given me the most pleasure at the minute is the success. Jacques mentioned it around our global presence and we are genuinely enjoying global success at the moment.
So I've just got a little list here of some of the major opportunities that we've recently secured and it really is following the global map. We had a very significant win up in Quebec in Canada, which I'll touch on in a few minutes. Big win in Connecticut in the U. S. A very important win for us in Santiago in Chile.
And I'll touch upon that in a second because that also then brings into play the investment that we have received from Sword. A big win in Denmark, obviously here in Europe and a nice opportunity in Manila in the Philippines. And perhaps amongst the best success that we're enjoying this year is actually in ANZ. And we're about to win, he says, Tempting Fate, a very significant opportunity in Brisbane. We've been very successful already in Sydney as well as down in Wellington in New Zealand.
So for me, whilst this year has been very successful, I think the thing that's probably given us the biggest boost is the fact that this success is well and truly global. So very pleased about that. Where are we in the market as a whole? Well, obviously now we're enjoying this strong growth. We can see global recovery clearly along the lines that I've just mentioned.
And I think we are in a prime position to capitalize now upon the investment that we've placed from an R and D perspective into the GRC business. We set ourselves a target of taking on extra 50 development staff at the start of the year and we're in very good shape in terms of that. We're at about 95% of staff on board now. So hiring is pretty close to completion. And we're actually now starting to build some of the new products that we indicated that we would do.
And throughout 20222023, we expect to bring a whole series of new products to the market. Some of these will be an extension of what we already offer. As Jacques says, we are the number 1 in project extension of what we already offer. As Jacques says, we are the number one in project risk management. We'll now move into enterprise risk management.
That's where an organization looks at their entirety of risks and not just the projects that they're involved with. And also we're moving into a discipline very closely aligned to GRC, which is the health and safety arena. And we are doing this very closely with a very significant mining company in Chile, which is proving to be very successful for us. The ambition and the aim is still on track to be doubling revenues by 2025. And I think that we are in a firm position to not only capitalize on the increase in global opportunity that we all face with the recovery, but also the fact of course that there's now an increased focus on risk management naturally.
We continue to win blue chip names. And I'd just like to highlight one of those there just above the bottom left logo which is Pratt and Whitney. Above that is a company called the Canadian Space Agency. And the significant reason for why I'd like to highlight that is because the reference they took was from NASA. And that remains one of the key abilities that we have as a business is the reputation that we have with our software.
We've had our software in NASA for over 15 years and we continue therefore to grow success on the back of the references we have with our existing customers. So to summarize, I feel that we're in strong shape not only for 2021, but to move forward into 2022 and beyond.
Thank you, Jack. Thank you.
Dave, now Jelle Parler Anglais. I was going to speak in English. I apologize. Dave? From the U.
K. I know you're going to talk about the U. K, but can you talk about the United States as well, please?
Yes. I'll do that. Okay. I'll do that. Good morning, everyone.
As Jack mentioned, I'm Dave Bruce. I look after the business in the U. K. And we continue to build what I believe is a very strong profitable services business in the U. K.
There is an international element to that now, and I'll mention a little bit more about that in a second. So we're on track. We're trending towards €75,000,000 turnover this year and 13% EBITDA. So I'm very proud of what we've managed to achieve. That's 20% growth on last year.
So a really good achievement for us. We continue to lead the way in oil and gas in the U. K. But as I talked about last time we were at this meeting, we are keen to reduce our reliance on the energy market by expanding into other vertical markets. We wanted to move into the public and the finance sectors.
And over the next couple of slides, I'm just going to give you a very brief update as to where we've got to with that. So I think our diversification is really well underway. If you look at where we are now, we've had some real success, if you can see on the chart there, in the financial services sector. So we've really increased almost by 90% the amount of business that we do in that sector over 2021. In the public sector, we've managed to maintain our position in public sector on the backdrop of the COVID 19 pandemic, which has really put a lot of projects on hold in the public sector because it's been focused elsewhere.
So we've had to really fight hard to maintain our position there. And as you'll see, we are still growing our energy business. We continue to grow in the energy market. There's still lots of opportunity there, but the aim for us was just to reduce our reliance on it. What we're doing with our customers in the air is helping them very much on the digital journey, but also their journey to now provide renewable energy because all of the clients that we have today are going through that transformation for the future.
So one of the other things that I said last time that we were keen to do was to take advantage of the market in London. And I'm pleased to say, if you look there now, you can see that we've got 40% of our business coming from either the London market or international. And the international piece that Jacques talked about is Houston. We opened an office in Houston less than a year ago. We're now going to see us turning over about $2,000,000 in Houston this year.
By the end of the year, we'll have 15 staff in that office. And our plan is to deliver $4,000,000 from that business next year. So our plan is on track. We've now got 30% of our business that is non energy, that's up from 25% last year. We've got 40% of our business coming from the London International market.
So we're on track and doing well. I'll just move on. So the summary is we've got a strong business. It's dependent and reliable. We have a team that has demonstrated it can deliver double digit growth, which is important because we want to continue to grow.
Obviously, our stated objective is to be twice the size in the next few years. We are our de risking is in progress and moving well. And I guess what's important is that we deal with some really, really large international organizations. The opportunity for our business within those customers is huge. But if I focus now on what we're doing around organic growth, and we are very much focused on organic growth, We will always be on the lookout for acquisition targets, but our key driver is organic growth.
And I talked about this the last time, the keep it, the grow it, the win more. So we have a strategic account management process whereby we make sure we keep the business by doing the right things with the customer. We expand our footprint with those customers and more importantly, we win more customers. And I'm convinced that so we've seen a shift in the amount of non energy business that we've got. I'm convinced that will just continue because we've now won, as you can see from the right hand side of the slide, many new customers over the last 6 months in the financial and public sector.
And our process now will help us just develop those customer relationships in those businesses. So I see a real shift coming for us in terms of that balance. We will continue to focus on Houston. We see it as a real growth market for us, Houston. As I say, we're up to $2,000,000 this year.
We're planning on $4,000,000 next year. We've invested in sales capacity in Houston. We think it's very important that you have boots on the ground in the States when it comes to selling and relationships. And finally, one of the other things that we've done is we have created a number of what I call proprietary solutions, solutions that we have developed for a customer. However, we're able to then sell it to multiple customers.
So that's something that we see more and more happening these days. So within the solutions, we have several solution sets that we can sell multiple times. So in summary, Jacques, we are on course to hit our 2025 objectives. We want to be focused in 3 sectors in energy, finance and public. We want to deliver recurring revenues both internationally and through our proprietary solutions.
And we will deliver our €120,000,000 by 2025 turnover business. So a very strong year for us, I believe, on the backdrop of a tough market. All right. Thank you.
So over to you now. Over to you to speak to us about the fact that above and beyond Belgium and Luxembourg, let me remind everybody that your targets are European, generally speaking.
Merci Jacques. Merci Dave.
Thank you very much, Jacques. Thank you, Dave.
Well, hello, ladies and gentlemen. My name is Dieter O'Girse. I'm in charge of the SWERTS offices in Belgium Brussels, in Luxembourg and Athens, Greece. With more than 600 enthusiastic colleagues, we serve today almost 50 customers in more than 15 European member states. We are focused on growth, and we continue to build strong profitable business.
Year to date, we are more than 25% ahead of business figure in 2020, and we expect to realize SEK 60,000,000 by end of year. And finally, I'm proud to say that Swartz is one of the top performers within the European Institutions and also one of the fastest growing companies within the application development field. Some highlights and also where we stand today. Despite the continuation of the COVID period, we continue to make massive growth, massive organic growth with multiple customers in multiple activity fields. 80% of recurrent business is 80% of our business is recurrent due to our multimillion and multiyear framework contracts.
And because of that, we have also a massive backlog of more than EUR 200,000,000. We have won quite a number of new businesses which we started recently. We continue to bid, and we're pretty sure that we will continue to win, which makes us believe that we will create also massive growth in the future. And well, we're still on track to make SEK 100,000,000 by end of 2025. Some key points on this word, Greece, our nearshore operation.
Although all the business units within our operation or within my operation are showing growth figures. The operation in Greece, the software factory, is the biggest growth engine. We have recruited more than 50 people over the last 2 months, and we're still looking for more than 50 people. Why Greece? Very profitable, high margins, low operational costs.
A lot of qualified personnel focused mainly on service delivery excellence and customer satisfaction. So we have everything in hand to be successful over there as well. We recently moved into new offices to map with our ambitious plans, and we will continue to serve our excellence from there in an excellent way. We are also trying to build on new expertise in new markets like artificial intelligence, like Internet of Things, robot process automation. I'm pretty confident that we're on the good track and that by end of 2025, we will be at EUR 100,000,000.
Thank you very much. Thank you very much. Phil, I think that you will respond to the questions, won't you? Because this year, when it comes to the last 6 months, there haven't been any significant acquisitions, although you manage AIM. So at the moment, what I'd like to do is give you a brief presentation on Switzerland and offshore.
Now in Switzerland, something that is very, very interesting is the fact that thanks to the acquisition of AIM, we have a good level of internal or organic growth. And we're the 3rd company in specific in Switzerland in terms of the size. The top company is Swisscom. So of course, we will never be number 1 in Switzerland. This being said, we are a vital player.
And as a result, we have 3 sectors. They are the public sector, net, the international organization sector and also the luxury industry. So in the public sector, we've been extremely successful in the countenance of Geneva, the countenance of Vaux and in the valley and even in Freiburg. And at the current time, we are making a massive amount of headway in the public sector. Let me just say something that's important to everybody here.
We are all in the process of wanting to grow, thanks to this future sector that would be very beneficial to us in local governments and international organizations. In the future years, there will be major investments in our sectors with a lot of public money that is already there or maybe it's not already there, but it will exist and there will be lots of major investments. If I focus on the luxury industry in Switzerland, it's a market that has done very well during this crisis. All of the luxury brands have done very well. And as a result, we are also doing well in Switzerland.
Next, when it comes to the international organizations, I particularly have in mind the United Nations organizations. There are 11 of them located in Geneva. But you've also got all the NGOs. The Red Cross, for example, is an NGO and is a massive client for us. So there are lots and lots of potential clients in the International Organizations sector in Switzerland.
And of course, you have the richest one, which is the global office for patients, right? So that's what I wanted to say about Switzerland. AIM is the acquisition that we mentioned. It makes us stronger. And as a result, we have the ambition of gradually ramping up our activities and changing slides, moving up to €70,000,000 in revenue for 2025.
That's in terms of organic growth. But if we add Switzerland, it will be €90,000,000 €90,000,000 that we're aiming to achieve in 2025 in Switzerland. And I stress the fact that this is the case in French speaking Switzerland. We'll see where our strategy will take us in terms of German speaking Switzerland. I think it's as if it's a second country, but we will be assisted thanks to the fact that we're already present in French speaking Switzerland.
That's what I wanted to say for Switzerland. More specifically now on Offshore, Nasir, who is not with us today, is responsible for managing out of Beirut. He does the splits every day and manages India, Beirut and Dubai and also the United Nations in New York. He has a lot to do, but what's actually happening is that we have 2 major offshore centers. One, we have Chennai that focuses on Canada and the U.
K. For the most part. We also have a French speaking center. And this French speaking center is located in Beirut. And out of Beirut, they focus on Switzerland and France.
And then we have part of this center that also deals with North Africa. We are in a position today to take care of work across the 5 continents and that's actually what we already do. So here on the screen, you have the distribution or the breakdown rather. And when I talk about Australia, I'm also thinking of the Australian clients. And if I talk about ANZ specifically, the big Australian bank that has purchased our Beam product, This is a product for Internet Banking.
And we thought there wasn't much to be taken out of this. And then we invested a small amount of money. And ANZ was willing to make all of the investments for us, investments that we have since made in order to upgrade this specific product. So that's what I wanted to take from this perspective. We have €10,000,000 in revenue for this sector, and we believe we'll achieve €20,000,000 in offshore business activity in 2025.
And as far as I'm concerned, this is a figure that is actually not very difficult to achieve. And I'm very much looking forward to see an outperformance in this sector. Nassau would like to hear me saying this, but we are ready. We are ready to outperform. So that's what I wanted to say regarding the different entity and the operational aspects with my colleagues.
And of course, we'll be delighted to answer any questions you might have on the latest news following on from Brexit, from the pandemic, etcetera. Please feel free to put your questions to Stephanie, who is currently preparing all of the questions. Next, if I move on to the first half of twenty twenty one. Here, we're talking about a growth rate of 20%, an organic growth rate of 20%, and this is something that is difficult to manage in terms of profitability. And we have succeeded.
We've managed to remain above 13% in terms of our profitability ratio. Next, we're talking here about growth that is still ongoing. In other words, you have the Q1 with 17%, 1.7% inorganic growth and the 2nd quarter with almost 25% in organic growth. And you can see the issue if you take a look at the top line figures. When you've got organic growth that is very, very high, well, necessarily, you also have profitability that drops slightly.
And the one challenge I do have this year is to be very cautious and to ensure that I maintain a level of profitability. So that's what I wanted to say in terms of the breakdown. Next, as per usual, we'd like to present the breakdown based on each operation or based on each division. In other words, governance, NEX, Bellix, DETA Switzerland, that's me the UK, that's Dave. And the police that we when I say the, please be careful, I actually have 3 relay staff who have virtually reached the level of Young and we have the capacity together to delegate many, many things now to Beirut, to Geneva and to The figures, I would say, are quite easy to forecast in relation to what is localized.
The figures simply that the GRC that had a performance rate down to extend last year is up 24 point 7% this year. So there's something absolutely magic that is happening in the Services sector. It's the fact that, generally speaking, the figures are recurring figures. But the money that you invest in the services is money that goes into it and that is gone forever. But in the licenses sector that you manage, Nick, we've been able to recuperate what we didn't earn previous years, and we're going to continue to do so.
So we're looking to forward to a lot of good news. I know you don't want me to say this, but we're looking forward to good news. And what wasn't achieved last year will be achieved this year or in 2022 naturally. Now I'd like to start going into detail on the general accounting information, but it simply says that there are no exceptional losses. In other words, our profit and loss account is extremely healthy and we have exceptional profit.
Part of these exceptional profits comes from the first earn out that we're looking forward to seeing with the disposal of France, the second earn out. And thank you, thank you. Really, thank you, Phil. It was all very, very well negotiated. This will take place at the end of this year and it will be payable in 2022.
So we're going to calculate this, but I believe that there will be a second positive result for the second half of the year. That's what I wanted to say. Obviously, it's quite normal to have negative effects of the corporate tax. When it comes to the general accounting, the first slide I'd like to show you, the balance sheet shows you all of the long term commitments that we have and the short term commitments. When you move from more than a year to less than a year, of course, you have short term information.
And on the next page, you have the details on this. On the next page, what I ask you to note is that when you have a growth rate, an organic growth rate of 25%, then the work in progress increases. Of course, that's totally normal. And it doesn't generate as much cash on a short term basis. That's totally normal.
And all of this is fully funded, and we will not have any surprises in terms of our cash management. On the following page, you're able to see these corollaries, naturally speaking, in terms of our cash management and what results it produces. And you can we have the short term and the long term figures. We do have deadlines, of course, in terms of the share deal at the end of the year, at the end of 2021. And these have been switched to short term liabilities rather than long term liabilities.
It's very important to look at what we've provisioned for in our balance sheet. It's not automatically what would be paid out because we always have a highly cautious approach. We always enter as many provisions as possible. Next, when it comes to the cash flow, here you can see that our operate the cash from our operating activity, it switched from EUR 40,000,000 for the first half of twenty twenty to EUR 1,800,000 for the first half of twenty twenty one. As I said, this is totally normal, and we have growth that means that we've reduced the amount of cash incoming.
As I said, this is fully funded by our cash position. Next, when it comes to our cash position, naturally speaking, let me please say what I always say. It's the fact that our cash position is not IFRS 16. And I'm very proud to be able to present to you a true net cash position and not a false one. In IFRS 16, we should have put as a debt the provisions that we have set out for the gains in terms of the share deal, and these will be acquired only if you double the profits.
The profits have not yet been doubled, so I consider that there is no debt. In any case, the financial reports will mention a net cash position that will be a lot lower, and that's not the way it should be. The backlog is excellent. We've had cycles this year whereby the backlog on the 31st December at the end of the year has been higher than the backlog on the 30th June for sales reasons. The salespeople may be more active at the end of the year in certain countries, but this is not true in all countries now because I believe that your end of the year is on the 31st March and in the U.
S, I think it's on the 30th September. That being said, we do have cycles. And here, what's wonderful is there are no cycles. We always have a massive backlog above 20 months. I believe that that is enormous.
Next, we reduced our exposure to the euro. And when I talk about the exposure, I shouldn't really talk about the exposure because we don't consolidate euros. It's important to note that we are active and we operate mainly in pound sterling even if a percentage of pound sterling in fact do correspond to exports to certain countries. Like when you export to certain countries, for example, you enter the reporting sometimes in. Next, we have a top 10 in terms of our clients, and this gives an excellent illustration of our strategy and what you've already described.
Now instead of going into detail on this, which is what I generally do, I would rather home in on another point and go into detail on the analysis that we've performed on our clients. Now very often, I've been asked to talk in terms of figures in relation to our clients. And the GRC product is a product that is often sold for €300,000 per client even if we do have exceptional clients, LOCKWOOD MART in Naval Group Pratt and Whitney that, for example, generate a revenue of €1,000,000 But the rest of the time, it's approximately €300,000 per client. And then we have a maintenance contract, of course, further down the line that is very much a recurring contract. So this means that at the current time, if we analyze things, 95 percent of our clientele corresponds to €300 per client.
However, in the Bellux countries, if we analyze roughly 80 percent of your clientele, we have €4,800,000 or €5,000,000 per client. And in the UK, you have €2,000,000 per client on average. Switzerland is about €1,500,000. So as you can see, our configuration is such that we really do look after individual clients. We work on bids with them and pre sales.
And we don't reach out to clients to sell them to knock on the door and sell them small contracts. No, for the most part, we sign large contracts. That's one of our group's strengths. I'm not criticizing the work that our snow staff do. They do an excellent job.
But fundamentally speaking, we have engineering, we have teams that are capable of compiling bids and offers and that's what France is all about. Next, let's look at the staff. Here, we have virtually the same level of staff prior to the disposal of France. We sold a unit of 700 persons and we now have an organic growth rate that means that we've got approximately the same number. Let me now say just a few words about the business plan.
We have produced a business plan and this business had a deadline of 2024. Now I actually wanted to give ourselves an additional challenge, a much more difficult challenge because 2024, I'm sure, will achieve what we've let out to achieve. So I then looked at the figures for 2025 by simply applying a growth rate, an organic growth rate of 10%, which is pretty conservative. Then after that, I resumed all of your commitments with what we call your boosters. And I calculated the revenue and also the EBITDA margin that that would generate.
And as you can see, this means that we're almost able to double the revenue for 2020. And in particular, we have an EBITDA that is absolutely enormous. This comes from the growth, of course. It also comes from the increase in the EBITDA margin. And this EBITDA margin will be generated by the Gemini project that you are managing today, the project where we've accepted to invest £10,000,000 and this is a project where we will absolutely not hesitate to continue to invest if it proves to be profitable.
So I'm taking a risk with 2025 and with the boosters. Our firm commitment that you are authorized in SAKIOVA is 2024, and I intend to stay here. Next, I have given you a certain amount of information concerning the competitors. I'm not going to go into detail on this. But there is one point that is very interesting nevertheless concerning the GRC sector.
We performed an analysis or had an analysis performed recently, a quadrant analysis, and they came up with 7 companies in the world, 7 companies in the world that are the technological leaders in the GRC sector. When you see the valuation of GRC companies in the United States and in Canada, and these are companies that are absolutely not part of this Magic Quadrant, and these are companies that sometimes don't even make a profit, well, in that case, I think like us, you should be able to say that we are very much undervalued to share prices far lower than it should be. The last point, I don't pay a great deal of attention to the year, but to the accumulated results. Based on our profits per share, I accumulate the dividends and the increase in the value of our shares. And if we perform this exercise 1 year to the next, the average of the valuation, the increase in valuation amounts to 22%.
And to look at this, if we manage to achieve a growth rate of 20% each year, 20% in terms of organic growth, well, we will have acquisitions in addition to this. And in that case, it will be totally normal for us to continue to increase the value of the share by approximately 20% per year, naturally including dividends. So our objective is that we would be able to find ourselves in a situation in 2025 whereby we have proposed interest up 25%, up 25% and so on and so forth until 2020. So that's what I wanted to say regarding the presentation. I wanted to make the presentation as short as possible in order to set aside plenty of time for questions.
Questions are always very interesting. Stephanie, I don't know whether you can see her on the screen. She's going to put to us the questions that have been asked. So good morning, everybody. Yes, theoretically, everybody should be able to see me and hear me.
So we've already received a certain number of questions that gradually came in during the course of the conference. The first question is what synergies do you believe you can set in place, thanks to AIM in Switzerland and also internationally speaking? Is there any are there any redundancies in terms of the top management? And how are you overlapping? How are you going to manage it?
Well, all of the acquisitions that we enter into, as with AIM, they have to meet a certain number of targets. Now in relation to this Swiss acquisition, the main objectives are the consolidation of the market. In other words, we're present in Vaux, in the Canton of Vaux. And so we absolutely wanted to reinforce our position from that perspective. We wanted to reinforce our position on the luxury markets, the int in the international organizations and the public sector.
And thanks to this AIM acquisition, it also enables us to diversify. They have excellent working relations with banks that work in the financial markets, and we're also going to try making roads in these markets. So basically, they tick several of our boxes, several of our must haves in terms of our objectives for synergies. We always look at companies that will guarantee synergies so that we can either sell more or either way so that we can spend less. I'm not going to say we're going to reduce all of the management team because this company that we've identified has a very strong management team.
It's one of the strengths that we've identified. But of course, the shared services costs, we should be able to reduce them. That is not an issue. So the next question is, you work a great deal on the oil market. How do you personally perceive the gradual introduction of green energy onto this market?
Now for the oil market, of course, I'm going to pass over to Dave. And Dave is our specialist. And I know full well that this is a burning issue. It's a burning issue. Don't know how to translate that into English.
Exactly the same way, burning issue. To be honest, we are part of the transition here. So all of the clients that we deal with in the oil and gas sector today are on a journey themselves to the provision of renewable energies. Now it's a journey, and I think it's going to take some time to deliver that change. I think it will take longer to deliver that change than many people think it will.
The demand is still very high for hydrocarbons. So our clients will change and we will change with them. We're part of that. The services that we provide are very much operationally focused. So there are services that are needed, whether you're taking hydrocarbons out of the ground or you're running a wind turbine.
So I'm actually I actually think there's real opportunity for us in the energy space as we move more to renewables. So I'm not worried by that at this stage. The demand for energy as a whole remains high. Obviously, there was a period during the COVID pandemic where that dropped, but we're now seeing it returning to normal levels. And we can see that in the prices at the moment.
So I'm very much I very much feel that we're part of that transition. We're part of the journey to the renewable energy piece.
We have a question about Tivic and its restructuring. So Tivic has been restructured, has been reorganized, hasn't it, by Dieter? Could you say a few words, please, Dieter?
Okay. Indeed, due to COVID, everything what has to do with physical events has been highly impacted. But already 6 months before COVID started, we were in a transition period between the physical events and the digital events. So we well, the transition went somewhat faster than initially foreseen. Secondly, we have been transferring social media expertise and also digital events, digital communication to our initial operation.
And well, that is still intact. So it's now in well, ongoing, let's say.
Thank you very much. Another question. What about the status of the health crisis? What about the status of the high school health crisis in all the countries? Nick, given the fact that you haven't yet answered a question, maybe could you say a few words?
You're the most global guy here. You must have a comment to make.
Yes. I think it's quite a fascinating thing to witness on a global stage. I talk to my Australian sales lead, I'm sure to his pleasure, every day. I spoke to him this morning. He is in Melbourne and they're on complete lockdown.
So the state of the Australian vaccine rollout is 30%. They've got a crazy situation. They're talking about in Australia now that if you live in Sydney, you'll be able to internationally travel, but yet you can't travel across borders in Australia. So it's somewhat chaotic. Europe, of course, is in a much better position due to the vaccine rollout.
And the U. S. Is a bit more ambiguous. There are some non believers in the U. S.
And so that situation is perhaps a little more fluid. I think what's more interesting is how companies are reacting to the pandemic. So in America, it's interesting, for example, in the defense sector, they are used as businesses to not meet in face to face anyway often because the distance to travel is so huge. If a company is based in Washington and the opportunity is in Los Angeles, then that's a huge travel. So they are used to this concept of virtual meetings, less so in Europe.
And so what we are finding, for example, with the defense companies in Europe is that is a bit more turgid for us, stickier, because people returning to work. It's not quite so easy. And the whole process around the Amazon guy then knocking at the door and people have been more important things to do to pick up parcels frustrates my sales team, a big frustration for the sales team. But the one thing I can say, I think the normality is just about beginning to return. And of course, for all of our sakes, we're all thoroughly looking forward to when that's the case.
We have another question. This is a question concerning recruitment. We sense that the market in France when for the sector is a very taut market. It's a lot of people talk about adjusting the wages, about wage increases in the sector. What's the situation like in Greece compared with France and Belgium, the UK and India?
I'll start to answer this question. And 1st and foremost, I'd like to say that obviously, we have to link up all of the subjects working from home, the change in DNA in terms of certain new generations, recruitment, wages. I would say they all need to have to go together. In summary, I would simply say that the younger generation is currently currently dreaming of working from home whilst being just as productive. I'm not saying that homeworking or teleworking isn't going to become an ongoing factor, But for as long as we have competitors who do not telework work from home, we will not do 100 percent teleworking unless there's a crisis, of course.
Next, Google, for example, has tended to make people doubt to a 30%. Sometimes they've talked about 5 days of teleworking per week. But what they forgot to say was they signed something 2 weeks ago, which is that in the States, somebody who works from home will be paid 15% less, which corresponds to the drop in productivity. And also, somebody who works from home from another state, not another country, but another state, they will receive 25% less. So I think this basically puts the church at the center of the village, as we say in French.
It puts things back on track. There is a recruitment issue across the board, it's true, because this is a we're in a market that is a wonderful market. But I think it's important to pay attention to the fact that working from home will potentially create more offshore. And before I pass the call to you, Dita, on Greece, I'd simply like to stress that we are considering the possibility at the current time of increasing the wages of our Indian staff by 30% this year. Why?
Because all of the key players in the American market now recruit in India because they've understood that teleworking 5 days a week, if you're going to do it, if you're going to be pushed into it, then you might as well do it with a local country. So this, I think, means that we need to think very carefully about our social model. I won't say any more about that, but you hope exactly what I think about it. For Greece, Dieter, what do you think?
There is a war for talent, and we're looking continuously to recruit good qualified people. Today, we are still capable in finding good people at reasonable pricing. So there is, of course, an increase as there is always an increase, but the increase is very, very large, very limited as of today.
I'd like to add a point, if you don't mind. I also think that these recruitments that we're talking about, it all depends on the level that you're talking about. For example, you do have a generation, a young generation, who at the beginning of their career, they jump from one company to the next. And then you've got other people who you're able to hire and bring into your staff, who you really look after in terms of their career, give them the right salary. So we're talking about the package.
That's what's important. And in that case, there's less staff.
Maybe I should add something more to what I've said before and to what Jacques said. We are mostly recruiting senior people in Belgium and in Greece. And the salary increases most probably are especially open and very often asked for with younger people, with starters, so not that much with senior people.
Yes. Okay. Please, can you remind us what percentage of subcontracting do you have at the current time? Well, in terms of subcontracting, of course, we subtract with staff, people who are used mainly on a part time basis. So from what I remember, I think we've got 700 or so subcontractors, but that's not 700 full time people.
So I would say that one quarter of our staff, one quarter of our staff, they're not subcontractors. They're freelancers because it's not the same thing. So let me repeat what I said. We tend to talk about freelancers, not subcontractors. So in other words, these are people who sometimes work with us, as they say, with staff.
But there are certain flexible countries where freelancers are used for the labor contracts. I believe that you too, don't you, Dave, use quite a few freelancers? 1 quarter. 1 quarter. Could we have an update please on R and D?
Please can you talk to us about the software GRC R and D? Nick?
Yes, indeed. So I did touch upon that briefly in the presentation. We are in a strong position from the number of staff that we've now brought on board. You're quite right, Jack, it is a very competitive market. So getting the right working environment, the right salary, the various things that you need to do to attract people has been challenging.
But we're in a very strong position. We are now at a stage where as I say we're 95% complete in terms of the
IT services available out of balance in Spain, out of Valencia. So this might be an excellent way for us to grow organically speaking in Spain. It's another alternative to making an acquisition. And there's an organization called IU, Opio in Alicante, and they might have needs as well that we could serve. So we need to be opportunistic terms of organic growth with our clients, and we also need to look at the right targets potentially.
But whatever happens, we will do it in a very opportunistic and not proactive way, if I put it rightly. Very good. Another question concerning the dividend that's paid out. Can you give us a rough idea of the dividend that will be paid out in 2021 or 2022? [SPEAKER UNIDENTIFIED COMPANY REPRESENTATIVE:] Well, concerning the dividend, this is something that we have to be really cautious about.
It's true that the dividend is generated by profits, but it's also generated by the contribution that is generated. It's limited by our future needs in relation to our organic growth or our acquisitions. So from this point of view, I can give you, say, EUR 1.2,000,000 that's the minimum EUR 1.2 per share. We have never paid out less than that. That being said, sometimes when we've made acquisitions, we've paid out a lot more.
I think that in years where we outperform, as would be the case, a bit more than 1.2. Percent. It's a proposal we make to the Board, thanks for the general meeting, so I can't anticipate on it. Another question, a brief question. What is the date for the consolidation of AIM?
The consolidation date is the 1st July, so there's no impact of AIM on the first half of the year. AIM amounts to CHF 20,000,000, so CHF 80.8. And there's a risk or rather the opportunity to reduce €20,000,000 by small assets of AIM. So it will be between €17,000,000 €19,000,000 of revenue per year. We have a question concerning the business plan.
Are you confident over your business plan and that you will achieve your aim? If I was rigorous, I would ask for 4 answers. I'm not rigorous, so I'm going to say I am 100% sure that this business plan can be achieved for 2024, so for the column 2024. And it's challenging, of course, for the last column, which corresponds to moment for this response to 2025 with the boosters. There you have it.
There are always a few risks, but yes, we are confident. At the moment, I don't have any further questions. Even the analysts are not putting precise questions to us on the figures. The question was on cash. Most of the questions were all about the cash position.
That was what the analysts were interested in. Okay. Maybe we could wait for just one minute. And after that, well, if our presentations were clear, then all well and good. I would just like to conclude by saying that the company is extremely well organized now.
We delegate a great deal. In other words, we have CEOs who then have their directors of the business unit. So we're doing an excellent job. I'd like to thank 1st and foremost because obviously, the success of the company comes from those people who are in the field, in contact with clients and the staff. And I will never be able to thank them enough.
And of course, ours is a company or rather, this is a meeting where there are lots and lots of investors. So I thank you to you, the investors, who believed in us and who've been willing to risk investing their money in us. Do you have one last question? No further questions. No.
Well, in that case, in 6 months' time, I hope that we'll all be able to meet at the Trecadora Trocadero with a present based meeting. Thank you and goodbye.