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Thank you very much, Jacques. 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. We are, as I say, bouncing back here now in 2021 and very pleased with that. 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. 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. 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. Perhaps amongst the best success that we're enjoying this year is actually in ANZ. 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.
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. Very pleased about that. Where are we in the market as a whole? Obviously now we're enjoying this strong growth. We can see global recovery, clearly along the lines that I've just mentioned. I think we are in a prime position to capitalize now upon the investment that we've placed from an R&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.
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. Throughout 2022 and 2023, 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 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. Also, we're moving into a discipline very closely aligned to GRC, which is the health and safety arena. 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. 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. I'd just like to highlight one of those there, just above the bottom left logo, which is Pratt & Whitney. Above that is a company called the Canadian Space Agency. The significant reason for why I'd like to highlight that is because the reference they took was from NASA. 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. To summarize, I feel that we're in a strong shape, not only for 2021, but to move forward into 2022 and beyond. Thank you, Jacques.
Thank you. Dave, now I was going to speak in English. I apologize. From the U.K., but I know you're going to talk about the U.K., but can you talk about the United States as well, please?
Yeah, I'll do that.
Okay.
Thank you. Good morning, everyone. As Jacques mentioned, I'm Dave Bruce. I look after the business in the U.K. 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. I'll mention a little bit more about that in a second. We're on track. We're trending towards EUR 75 million turnover this year, and 13% EBITDA. I'm very proud of what we've managed to achieve. That's 20% growth on last year. A really good achievement for us. We continue to lead the way in oil and gas in the U.K. As I talked about last time we were at this meeting, we're keen to reduce our reliance on the energy market by expanding into other vertical markets, and we wanted to move into the public and the finance sectors.
Over the next two slides, I'm just going to give you a very brief update as to where we've got to with that. I think our diversification is really well underway. If you look at where we are now, we've had some real success, as you can see on the chart there, in the financial services sector. 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 they've been focused elsewhere. We've had to really fight hard to maintain our position there. 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, the aim for us was just to reduce our reliance on it. What we're doing with our customers in there 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. 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, 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. The international piece that Jacques talked about is Houston. We opened an office in Houston less than a year ago.
We're now gonna see us turning over about $2 million 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 million from that business next year. 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. We're on track and doing well. If I just move on. 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. Our de-risking is in progress and moving well.
I guess what's important is that we deal with some really large international organizations. The opportunity for our business within those customers is huge. 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. I talked about this the last time, the keep it, the grow it, the win more. 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. More importantly, we win more customers. 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 six months in the financial and public sector. Our process now will help us just develop those customer relationships and those businesses. 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 million this year. We're planning on $4 million 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 U.S. when it comes to selling and relationships.
One of the other things that we've done is we have created a number of what I call proprietary solutions that we have developed for a customer. We're able to then sell it to multiple customers. That's something that we see more and more happening these days. Within the solutions, we have several solution sets that we can sell multiple times. In summary, Jacques, we're on course to hit our 2025 objectives. We want to be focused in three sectors in energy, finance, and public. We want to deliver recurring revenues, both internationally and through our proprietary solutions. We will deliver our EUR 120 million by 2025 turnover business. A very strong year for us, I believe, on the backdrop of a tough market. All right. Thank you.
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.
Mr. Jacques. Mr. Dave.
Thank you very much, Jacques. Thank you, Dave.
Hello, ladies and gentlemen. My name is Dieter Rogiers. I'm in charge of the Sword's 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 EUR 60 million by end of year. Finally, I'm proud to state that Sword 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-19 period, we continue to make massive growth, massive organic growth with multiple customers in multiple activity fields.
80% of our business is recurrent due to our multi-million and multi-year framework contracts. Because of that, we have also a massive backlog of more than EUR 200 million. 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. While we're still on track to make EUR 100 million by end of 2025. Some key points on Sword Greece, our initial operation. Although all 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 two 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. 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, Internet of Things, robotic process automation. I'm pretty confident that we are on the good track and that by end of 2025, we will be at EUR 100 million. Jacques.
Thank you very much. Phil, I think that you will respond to the questions, won't you? This year, when it comes to the last six months, there haven't been any significant acquisitions, although you managed AiM. For the moment, what I'd like to do is give you a brief presentation on Switzerland. A brief presentation on Switzerland and offshore. In Switzerland, there's something that is very, very interesting. It's the fact that thanks to the acquisition of AiM, we have a good level of internal or organic growth, and we're the third company in French-speaking Switzerland in terms of the size. The top company is Swisscom, of course, we will never be number one in Switzerland. This being said, we are a vital player, as a result, we have three centers.
They are the public sector, next, the international organization sector, and also the luxury industry. In the public sector, we've been extremely successful in the cantons of Geneva, the canton of Vaud, and in the Valais, and even in Fribourg. 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, 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, 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, it's a massive client for us. There are lots and lots of potential clients in the international organizations sector in Switzerland. Of course, you have the richest one, which is the World Intellectual Property Organization, WIPO. 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. I'm changing slides. Moving up to EUR 70 million in revenue for 2025. That's in terms of organic growth. If we add Switzerland, it will be EUR 90 million that we're aiming to achieve in 2025 in Switzerland. 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. Nasser, 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. What's actually happening is that we have two 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. Out of Beirut, they focus on Switzerland and France. 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 five continents, and that's actually what we already do. Here on the screen, you have the distribution or the breakdown, rather. When I talk about Australia, I'm also thinking of the Australian clients.
If I talk about ANZ specifically, it's 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. 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. That's what I wanted to say from this perspective. We have EUR 10 million in revenue for this sector, and we believe we'll achieve EUR 20 million in offshore business activity in 2025. As far as I'm concerned, this is a figure that is actually not very difficult to achieve. I'm very much looking forward to see an outperformance in this sector. Nasser would like to hear me saying this, that we are ready.
We are ready to outperform. That's what I wanted to say regarding the different entities and the operational aspects with my colleagues. Of course, we'll be delighted to answer any questions you might have on the latest news following on from Brexit, from the pandemic, et cetera. 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 2021, here we're talking about a growth rate of 20%, an organic growth rate of 20%. This is something that is difficult to manage in terms of profitability. 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 first quarter with 17%, 17%, in organic growth and the second quarter with almost 25% in organic growth. You can see the issue if you take a look at the top line of these figures. When you've got organic growth that is very, very high, well, necessarily, you also have profitability that drops slightly. The one challenge I do have this year is to be very cautious and to ensure that I maintain our level of profitability. That's what I wanted to say in terms of the breakdown quarter. Next, as per usual, we'd like to present the breakdown based on each operation or based on each division. In other words, governance, Nick, Belux, Dieter, Switzerland, that's me, the U.K., that's Dave, and the Middle East, that's me.
When I say me, please be careful, I actually have three relay staff who have virtually reached the level of CEO, and we have the capacity together to delegate many things now to Beirut, to Geneva, and to London. The figures, I would say, are quite easy to forecast in relation to what is globalized. Please take note simply that the GRC that had a performance rate down 6% last year is up 24.7% this year. There's something absolutely magic that is happening in the services sector. It's the fact that generally speaking, the figures are recurring figures. The money that you invest in the services is money that goes into it and that is gone forever. 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.
We're looking to forward to a lot of good news. I know you don't want me to say this, we're looking forward to good news. What wasn't achieved last year will be achieved this year or in 2022, naturally. I'd like to start going into detail on the general accounting information and simply stress that there are no exceptional losses. In other words, our profit and loss account is extremely healthy, and we have exceptional profits. Part of these exceptional profits come from the first earn-out that we're looking forward to seeing with the disposal of France. The second earn-out, thank you, Phil, it was all very well negotiated. This will take place at the end of this year, and it will be payable in 2022.
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 interest for 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, long-term information. 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 an organic growth rate of 25%, 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. All of this is fully funded, and we will not have any surprises in terms of our cash management. Next, on the following page, you're able to see these corollaries, naturally speaking, in terms of our cash management and what results it produces. You can see that 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. 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 will be paid out because we always have a high cautious approach. We always enter as many provisions as possible.
When it comes to the cash flow, here you can see that the cash from our operating activity, it switched from EUR 14 million for the first half of 2020 to EUR 1.8 million for the first half of 2021. 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. When it comes to our cash position, naturally speaking, let me please say what I always say, is the fact that our cash position is not IFRS 16. 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.
These will be acquired only if you double the profits. The profits have not yet been doubled, 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. That's not the way it should be. The backlog. The backlog is excellent. We've had cycles through the years whereby the backlog on the 31st of December, at the end of the year, has been higher than the backlog on the 30th of June for sales reasons. The salespeople are maybe 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 of March, and in the U.S., I think it's on the 30th of September. That being said, we do have cycles.
Here, what's wonderful is there are no cycles. We always have a massive backlog, above 20 months. I believe that that is enormous. We've reduced our exposure to the euro. 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 sterling. 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.
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. Very often, I've been asked to talk in terms of figures in relation to our clients. The GRC product is a product that is often sold for EUR 300,000 per client, even if we do have exceptional clients, Lockheed Martin, Naval Group, Pratt & Whitney, that, for example, generate a revenue of EUR 1 million. The rest of the time, it's approximately EUR 300,000 per client. Then we have a maintenance contract, of course, further down the line that is very much a recurring contract. This means that at the current time, if we analyze things, 95% of our clientele corresponds to EUR 300,000 per client.
In developed countries, if we analyze 80% of your clientele, we have EUR 4.8 million or EUR 5 million per client. In the U.K., you have EUR 2 million per client on average. For Switzerland, it's about EUR 1.5 million. 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 knock on the door and sell them small contracts. No. For the most part, we sign large contracts, and that's one of our group's strengths. I'm not criticizing the work that our sales staff do. They do an excellent job. 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. 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. This business plan had a deadline of 2024. I actually wanted to give ourselves an additional challenge, a much more difficult challenge, because 2024, I'm sure we'll achieve what we've set out to achieve. I looked at the figures for 2025 by simply applying a growth rate, an organic growth rate of 10%, which is pretty conservative. After that, I resumed all of your commitments with what we call your boosters. I calculated the revenue and also the EBITDA margin that that would potentially generate.
As you can see, this means that we're almost able to double the revenue for 2020. 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. This EBITDA margin will be generated by the Gemini project that you are managing today, the project where we've accepted to invest GBP 10 million. This is a project where we will absolutely not hesitate to continue to invest if it proves to be profitable. I'm taking a risk with 2025 and with the boosters. Our firm commitment that you are authorized, sack me over, is 2024, and I intend to stay here. Next, we 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. They came up with seven 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, these are companies that are absolutely not part of this Magic Quadrant. 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. The share price is 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 result.
Based on our profits per share, I accumulate the dividends and the increase in the value of our shares. If we perform this exercise one year to the next, the average of the valuation, the increase in the valuation, amounts to 22%. 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. 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. Our objective is that we will be able to find ourselves in a situation in 2025, whereby we have composed interest up 20%, up 25%, and so on and so forth until 2024. 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. The 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.
Good morning, everybody.
Yes.
Theoretically, everybody should be able to see me and hear me. 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? 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 Vaud, in the Canton de Vaud , and so we absolutely wanted to reinforce our position from that perspective.
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 and making inroads in these markets. 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 synergy so that we can either sell more or 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. Of course, the shared services costs, we should be able to reduce them. That is not an issue.
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?
For the oil market, of course, I'm going to pass over to Dave. 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. 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. It is a journey, and I think it's going to take some time to deliver that change. I think it'll take longer to deliver that change than many people think it will. The demand is still very high for hydrocarbons. 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. They're services that are needed, whether you're taking hydrocarbons out of the ground or you're running a wind turbine. I actually think there's real opportunity for us in the energy space as we move more to renewables.
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-19.
Pandemic where that dropped, we're now seeing it returning to normal levels, and we can see that in the prices at the moment. I very much feel that we're part of that transition. We're part of the journey to the renewable energy piece. Yeah.
Merci.
Thank you very much. We have a question about Tipik and its restructuring. Tipik 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 six months before COVID started, we were in a transition period between the physical events and the digital events. 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 niche operation, and, well, that is still on track, so it's now ongoing, let's say.
Thank you very much. Another question. What about the status of the health crisis? What about the status of the health crisis in all the countries?
Nick.
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.
Yeah, 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. 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. 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. In America, it's interesting.
For example, in the defense sector, they are used as businesses to not meeting 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. They are used to this concept of virtual meetings. Less so in Europe. 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. The whole process around the Amazon guy then knocking at the door and people having more important things to do to pick up parcels frustrates my sales team. A big frustration for the sales team. The one thing I can say, I think the normality is just about beginning to return.
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 for the sector is a very taut market. 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 U.K., and India?
I'll start to answer this question. First 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 dreaming of working from home while being just as productive. I'm not saying that home working 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% teleworking, unless there's a crisis, of course. Next, Google, for example, has tended to make people doubt to a certain extent.
Sometimes they've talked about five days of teleworking per week, but what they forgot to say was they signed something two 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. Also, somebody who works from home from another state, not another country, but from another state, they will receive 25% less. 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 we're in a market that is a wonderful market. I think it's important to pay attention to the fact that working from home will potentially create more offshore.
Before I pass the ball to you, Dieter, 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 five 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 low-cost country. 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 know exactly what I think about it. For Greece, Dieter, what do you think?
Of course, 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. There is, of course, an increase, as there is always an increase, but the increase is very slight, 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 young generation who, at the beginning of their career, they jump from one company to the next. 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. We're talking about a package. That's what's important. In that case, there's less staff turnover.
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. The salary increases most probably are especially open and very often asked for with younger people, with starters. Not that much with senior people.
Yes. Okay.
Please, can you remind us, what percent of subcontracting do you have at the current time?
Well, in terms of subcontracting, of course, we subcontract with staff, people who we use mainly on a part-time basis. From what I remember, I think we've got 700 or so subcontractors, but that's not 700 full-time people. I would say that one quarter of our staff, they're not subcontractors, they're freelancers, because it's not the same thing. Let me repeat what I said. We tend to talk about freelancers, not subcontractors. In other words, these are people who sometimes work with us as if they were staff. There are certain flexible countries where freelancers are used more than labor contracts. I believe that you, too, Dave, use quite a few freelancers.
Voila. One quarter.
One quarter.
Could we have an update, please, on R&D? Please, can you talk to us about the software GRC R&D? Nick.
Yes, indeed. 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, Jacques, it is a very competitive market. Getting the right working environment, the right salary, the various things that you need to do to attract people has been challenging. 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.
[Non-English content] . Making IT services available out of Valence, in Spain, out of Valencia. This might be an excellent way for us to grow organically speaking in Spain. It's another alternative to making an acquisition. There's an organization called EUIPO in Alicante, they might have needs as well that we could serve. We need to be opportunistic in terms of organic growth with our clients, and we also need to look at the right targets potentially. Whatever happens, we will do it in a very opportunistic and not proactive way, if I've put it rightly.
[Non-English content] . Very good. Another question concerning the dividend paid out. Can you give us a rough idea of the dividends that will be paid out in 2021 or 2022?
[Non-English content]. 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. It's also generated by the cash that is generated. It's limited by our future needs in relation to our organic growth or our acquisitions. From this point of view, I can give you, say, EUR 1.2, 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 EUR 1.2. This is a proposal we make to the board than for the general meeting, so I can't anticipate on it. [Non-English content]
Another question, a brief question.
What is the date for the consolidation of AiM, the acquisition?
The consolidation date is the 1st of July. There's no impact of AiM on the first half of the year. AiM amounts to CHF 20 million, EUR 18 million . There's a risk, or rather the opportunity, to reduce CHF 20 million by selling a small asset of AiM. It'll be between EUR 17 million and EUR 19 million of revenue per year. [Non-English content]
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 four answers.
I'm not rigorous. I'm going to say I am 100% sure that this business plan can be achieved with 2024, so with the column of 2024. It's challenging, of course, for the last column, which corresponds to 2025 with the boosters. There you have it. [Non-English content] . There are always a few risks. Yes, we are confident. [Non-English content] . At the moment, I don't have any further questions. [Non-English content] . Even the analysts are not putting precise questions to us on the figures. [Non-English content] . 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.
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. We're doing an excellent job. I'd like to thank first and foremost, because obviously the success of the company comes from those people who are in the field, in contact with the clients and the staff, and I will never be able to thank them enough. Of course, ours is a company, or rather, this is a meeting where there are lots and lots of investors. I thank you too. 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. No further questions.
Well, in that case, in six months' time, I hope that we'll all be able to meet at the Trocadéro with a presence-based meeting. Thank you and goodbye.