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Teleperformance SE
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Ladies and gentlemen, welcome to the Q1 Revenue 2018 Teleperformance conference call. I now hand over to Mr. Olivier Rigaudy, Deputy Chief Executive Officer in charge of Finance. Sir, please go ahead.
Thank you. Good evening, everyone, and thank you for your presence tonight. We are together to comment on the Teleperformance group figure as of March -- end of March 2018 which has just been released. As usual, I must be here in[indiscernible] this call with Quy Nguyen-Ngoc, our Head Investor Relations, who has preliminary comments to make before starting the presentation.
Thank you, Olivier, and good evening, everybody. Welcome to this call. Financial press release related to the first quarter 2018 revenue has been released today after the closing of the market and directly sent to you. To follow the presentation, slides are available on Teleperformance website in the Investor Relations section. As usual, Olivier's presentation will be followed by a Q&A session. A replay of the conference call will be available straight after the end of the presentation. Today's call contains forward-looking statements that address our expected future performance, and thus, by their nature, address matters that are uncertain. These expectations are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. For a detailed description of these factors and uncertainties, please refer to the section Risk Factors in our registration document available at our website -- corporate website. Now I turn the call over to Olivier.
Thank you, Quy. So let's start with the Slide 3. And as the main message from this publication, I will say that this first quarter review illustrates once again the strong growth profile of the Group. Group revenue amount to EUR 1,026,000,000, up 6.7% on a like-for-like basis in the first quarter of 2018. This is stronger-than-expected gain that marked a promising start of the year. We are happy with this performance, all the more that the basis of comparison was very high in the same period last year as you might remember. Revenue growth is characterized by 2 main things. So steady rate [indiscernible] growth, both in call and specialized service, respectively up 7% and 5%. And in cost savings -- cost service, strong performance in Ibero-LATAM and EMEA region. On a reported basis, revenue was down 3.8% year-on-year, notably due to the strong negative ForEx effect, which will not surprise you. I am giving more detail on the component of the growth towards the next slide that you would discover [indiscernible] If you look at the slide as it -- sorry, if you look at the next slide, Slide 4, [indiscernible] provide information on the value of each affecting EUR 1 million. Beside Teleperformance's strong performance, you also can point, these are the key points of this first quarter is the ForEx effect. So strongly negative currency effect amounted to EUR 105 million comes mainly from the U.S. dollar weakness against the euro and to a lesser extent, to the decline of the Brazilian real and Colombian pesos. Looking at next slide, Slide 5, you are not familiar -- very familiar with. First quarter performance marks the 24th straight quarter of at least 5% growth in a row, which is roughly the[indiscernible] market growth, confirming if we need it to be confirm our status as a growth company. Average gross like-for-like quarter since 2012 is plus 8%. Let's go in more detail with Slide 6. Teleperformance Q1 performance clearly shows that these 2 activities are going well, plus 7% like-for-like in cost savings plus 5% like-for-like for specialized service, despite high base of comparison in 2017. Before giving comments by activity and language equation[indiscernible], just a few words on the breakdown of our activity we have communicated since last year. Let's remind rapidly you what are the business included in these 2 activities. The cost savings, that represent 85% of the total revenue, include customer service, technical support, sales and marketing, you are very familiar with. Specialized service, 60% of the revenue includes services which require a higher level of competency for people, process and technologies. This service includes LLS, interpretation, TLScontact, government visa application service, AllianceOne accounts receivable management and Praxidia, recently launched, offering CX consulting and Big Data analytics solution. Specialized service business combines solid growth and strong profitability. I don't want to spend too much time to comment region-by-region to leave room for question and answer, and you have the details described and in the press release. But I'd like to highlight a few points. In cost service, we continue to actively diversify our business portfolio by not drawing our relationship with large multinational in the wide range of expanding industry with a focus, notably on the new economy, retail, fast-moving consumer good and financial service, and in a fast-growing geographic market as Latin America, China and India. In the first quarter, performance exceed business expectation, mainly supported by a strong momentum in Ibero-LATAM, close to 14% like-for-like, and in EMEA, 13.6% like-for-like. EWAP revenue is more or less like, year-on-year since H2, 2017, due to lower volume with some clients in telecommunication, but it should ribbon from H2 2018, as supported by recent commercial success, and as explained, as a result, early March last -- this year. In Specialized Service, LanguageLine Solution activity growth temporarily to slow down with some quarter -- when first quarter specifics, including a negative calendar affect, I remind you that Easter was in March, versus April last year. And a technical [indiscernible] for one day, rapidly resolved, having an impact on revenue. LLS growth should go back to more normative level in the coming quarter. TLS contact was the main driver on specialized service growth, led by the satisfactory increase in transaction volume on every given line contract and by sale of add-on service during the insurance process. So if we move on, on Slide 7, I would say, nothing new. Of course, the first quarter has continued to grow the pattern of the year, that was announced so far. So revenue growth of at least like, 6% like-for-like above market growth, EBITDA margin to reach at least 13.5% versus 13.3% recorded in 2017, and it's not so easy to do that with difficult dollars that we are living with, and in terms[indiscernible] of going from free cash flow. I take the opportunity of this [indiscernible] to confirm also if needed, of 5-year financial objective. So as you see, the first quarter is perfectly in line with what we have in mind, it's a little better even what we thought. So we are now well positioned to continue to develop our group all along this year -- this coming year. So I leave you now the question, operator. I leave you the floor, to question open and I'm ready to answer all the questions you might have.
[Operator Instructions] And we have our first question from Edward Stanley from Redburn.
I've got a couple, please. In your later set of results, you said that China and Malaysia are in the ramp up, the slow ramp up there was a little bit problematic. Could you give us a bit more of an update on whether you're seeing any shift from your clients who had deferred some of that growth? Secondly, you mentioned also, at your last set of results, I appreciate you're not going to talk about margin. But you did say that the outlook was for improved margin across every division in the core, and I wonder whether that's still the same outlook for the full year and you're still just as confident on margin as you are at Q4. And finally, could you remind us how fast TLS is growing, or how fast LLS is growing, including this [indiscernible]
[indiscernible] ,because the a question is much more [indiscernible]?
Yes.
Okay. So question: China. So China is better, It's not a surprise. We mentioned it to you last time. 2017 was not a fantastic year. So we are in a better shape. It doesn't mean that we are again at the level we wanted to reach. We should be more aggressive. So we are back on track. It's going to continue all along the year. I hope to be even better in the coming quarter, it's too early to tell. But we are in a bit of a trend. Even if China is not so big today. As far as margin, I don't see why this should not -- that should change. The only thing I just wanted to mention is the dollar effect, not on the margin itself, but on the translation of the margin in Europe. Of course, LanguageLine Solutions margin is higher than everywhere. You should translate it at 125 or at 110, it's not exactly the same stuff, and there is nothing new in that. We mentioned it already at year-end and in the first, at the results that we have announced. But I don't see why. Okay, nothing else has changed this much. It's clear, those are dollars, at least in 2018, for -- not for transaction, but for conversion, is not anything else. But we are committed to deliver 13.5%. On LLS, you might be a little disappointed by the growth. But to make it simple, I believe, we have lost close to, not exactly, but close to 2 points of growth with the Easter switch from April to March, and to this incident that last only one day, which one of our provider wonders that changed the system, changed something in their systems that leads to the fantastic delay in the operation for one day. So we lost one day, and we have another impact in March. So when you put that together, we should be around 7% for LLS, yes. So nothing that worry us.
So we have another question from Mr. Patrick Jousseaume from Societe Generale.
Two questions on my side. Could you be a bit more precise maybe on the service and commercial success that you have recorded in the U.S.? And second question, given the current level of, let's say, all the currencies you are invoicing in, could you share with us what's happening[indiscernible] regarding the impact on sales, if -- should the ForEx stay as it is currently for the full year.
Oh, that's a tough question. Commercial success, what I can tell you is that we know by -- we have made some deals, so it's not over. The year is not over, but we know that we have some ramping up that will start in mid-June, early -- that will impact, there are signs that are known that are perfectly, I would say, under control that will have an impact in our, on the sales growth in Europe in H2. So we have, I would say, a reasonable view of what we are going to do. I'm not going to comment in detail what type of client they are, but you will be surprised that it's much more a classical sector, and we have been able to grow market share from our -- some of our competitor on that part. So we have a reasonable view. We don't know what will be the farming. But this was anything within our reasonable view that we should again grow, in the English word, if I may say, in the H2. As far as the dollar is concerned, I do believe that the impact is much more H1 so far. When you look H2, already last year, we had an impact of the dollar, that was -- I'm speaking of conversion, I'm not speaking of transaction. Transaction is another story. Conversion should -- I believe that when you put that together, we should, depending on what is the level of the growth, but we should grow versus the big figure, but not so much in 2018. Last year, we were at 4.2, we should be around 4.3, 4.3-something, above that, depending on the currencies. But it's -- clearly, there is a significant impact of the dollar. But I don't know where the dollar will land by the end of the year. What I'm telling you is that we have 2 -- this effect, which is difficult to predict. The other 1 is that we have been able to cover our transactional risk last year, so at a good level and we have no impact on our margin on that. So we have no increase on the margin being too [indiscernible] hedging impact or marginally. And we have this mixed effect on the margin that doesn't help, but that might change, too. But frankly I understand that it's, I'm sorry, it's not totally precise, but it's difficult to be precise -- much more precise on that. As a rule, if I may say, the economical performance of the group is still the same. Doesn't change.
So we have another question from Mr. Karl Green from Crédit Suisse.
Just a couple of questions. The first question, just around the currency impact in Continental Europe, Middle East and Africa. I mean, if I look at the consensus like-for-like growth for the group overall, and then the reported sales number, it does seem that in most of the market has been, myself included, underestimating the adverse FX impact. I'm just looking at the likely source of that, it would appear that the CEMEA region has seen a bigger FX impact than perhaps some of us might have expected. Can you -- on that basis, can you possibly help us around the proportion FX exposure within CEMEA, to the non-euro, non-sterling currency, so particularly, the Egyptian pound, Turkish lira, Russian ruble, et cetera, just so we don't get the same phenomenon happening in the future?
I will try to give you some idea. Of course, you know that U.K. is not part of CEMEA, and not part of Europe, I would --
I apologize, yes. I apologize, sorry, yes. So non-Euro, I should say.
Clearly, we have a significant impact -- I'm trying to find the -- in the Egyptian, yes in the Turkish lira, too. Also in the Russian ruble. All that put together as -- I'm going just to find my figure, as -- so it's not big by market, you have the 3 countries on which it's, I would say in the range of EUR 1 million. it's Russia, Turkey, Egypt and we should have also a little Tunisian dinar. So that's when the euro is climbing? It's climbing against all the other currencies, so it has an impact, I would say, also in U.K., as you mentioned, in Mexico, in South America, as mentioned in Brazil. So when you put that together, it's a global plan, I may say, so we have an impact in CEMEA, but the major impact is, of course, bring to the dollar, partially in U.S. and partially following its line solution.
Okay. Okay. So you can't get a sort of rough percentage as to what the non-euro currencies are in CEMEA?
I give you -- can give you a -- no, it's difficult to tell -- I can give you some figure. We have become EUR 3 million or EUR 4 million here. But I have only the first 10, so, 10 countries, but when you put that together, it's probably much more. I'll try to give you a more precise, and so later on, if you allow me. But I don't have all 3 currency in front of me. But clearly, the euro has an impact, of course, in Canada too, everywhere. Doesn't change for me, I would say, don't forget that it is country, I'm speaking for, in Egypt, I mean, speaking, all of these countries. It might be adverse on the conversions, especially, on sales. It could be positive under transaction. When you, of course, in this countries, not exactly the case for the Russia, but for the Turkish and for the Egyptian part. You have cost in this currency and revenues that are mostly -- most of the time, not all of the time, but the significant part is in Europe.
Right. And my second question was just around this technical issue at LLS. It sounds like that was the fault of the third-party provider. Did I -- am I interpreting that correctly?
Exactly.
And have you basically [indiscernible]. Are they going to indemnify you for this disruption? Are you likely to get some payback?
Yes, yes, yes. It's an upgrade -- just to be in detail, I'm not going to neither give the name and neither I'm trying to tell -- just an upgrade of one of the systems that we are using, that was not, I would say, properly explained, developed and anticipated. So when they put in place their upgrade, the system was very slow and leads to some people who were hanging up -- who are stopping their call because it was too long to get their answer. So it went -- it was lasting for one day, at least, only. It has been solved very quickly, but it didn't help this day.
Okay. And so when you get the compensation for that, that would be recognized as revenue. So that has the potential to boost Specialized Services in a few...
Yes, yes, yes, I would have preferred to be honest, not to have such an issue.
Yes, absolutely. Hopefully, it will get rectified, yes.
And now we have drawn also a lesson on that, and with the server, I would say, disaster recovery plan and it's under scrutiny as we speak. It's over now.
So we have another question from David Cerdan from Kepler Cheuvreux.
Few questions. First is on the ForEx. The EUR 105 million negative, can you give us the impact related to the dollar, to the Brazilian and Colombian currencies? So this is my first question. Second question is regarding Specialized Services up 5% like-for-like. I think that you said that LLS was at plus 5% like-for-like, is it correct or not?
A little more.
It was more than 5%?
A little more, a little more.
So the question -- if LLS was at slightly more than 5%, I suppose that TLS was also above 5%. So what can explain that, [indiscernible] if only plus 5% for Specialized Services? And the last point is just to come back on the technical issue, is it a telecom issue, is it a software issue, and can you explain why Easter in March has impacted your business?
So coming from that, when you have Easter, you have people that are calling less, like in retail, they are not coming in your store. So people who are not coming, we are not calling for Easter, it was in March this year, versus it was in April last year. So it doesn't impact. And especially, for LLS, it has a huge impact, and also for Ibero-LATAM countries, but mainly for LLS. It was a software issue, of one of our vendors, and it has been solved. It is an upgrade of software that has been explained. On ForEx, out of the EUR 100 million is coming from the dollar, and close to EUR 15 million is coming from Brazilian real, close to 23 Brazilian real and Colombian pesos. On the growth of Specialized Services, the size of, I would serve TLS, that grown higher than 5% is very small compared to LLS, that explains this difference. But that's it, it's a size issue.
But LLS is up more than 5% like-for-like?
Small, small, small, I'd say. It's really very small.
Sorry, I do not understand. What do you mean by small?
A small growth, small growth by 5%. Just about 5%, but very small -- very close to 5%, if I may say.
Okay. So the question -- so it means that all the activities in the Specialized Services are below 5%?
Absolutely, especially, the connection business, that is not performing as well as the others, but it's a small business. It's EUR 100 million, so it's more on a full year basis.
Because at the end, the question was --
I understand your question. But what I'm trying to explain you is that the big part of the Specialized Services is LLS, that is roughly a little above 5%. TLS is above this figure, and the others that are limited are below, but that give us 5%. And if you would have not this problem either, I would say, software plus Easter, we would be probably -- specialized activity would have been -- will be close to 7%. What I'm telling you is that the Eastern parts will be recovered in April, of course.
There's a catch up effect, okay. And the last question is related to the inflation in wages, can you explain the mechanism to protect your margin from a strong particular swing increase in wages, please?
So you have 3 effect, 3 type of countries, the countries that are adjusting mechanically the price to the salaries, mainly in South America, Brazil, Argentina and to a certain extent, Mexico. We call it the COLA clause, cost of living clause. You have the country for which you have an increase in wages, but -- which is totally, I would say, swallowed by the depreciation of the currencies, which is, though in Philippine, which is massive, in Tunisia, in Turkey, in Egypt, in Mexico that has a big part. And those were, especially in continental Europe, where we have to manage that. How we manage that? You're managing them by 2 or 3 things, first we try to move towards countries. That's what we did with Kosovo and we might continue to do that to move business from, I would say, Western and Central Europe to Eastern Europe and South Europe. And you try to climb the ladder of value chain in selling better product. That's what we are doing for now years, doesn't mean that it's easy, but I believe we are used to do that and we will continue to do that, yes.
So we have another question from Suhasini from Goldman Sachs.
I just 1 [indiscernible] telco vertical, please. So you mentioned that telco has seen some impact and that has affected the growth in EWAP region, that's been across a couple of countries. First of all, was that a bit of a surprise to you, is my question?
No, no, no. It was not a surprise. And I'm sure it was already happening last year, and I'm sure if you look to what happened to our competitor, you will see the same story, significantly more important.
Yes. Yes. So I suppose the question -- the next question that follows up is that given it's 20% of your revenue is the pay TV and telco bit, and telco vertical, has such, all the --
Globally, globally.
Yes, globally, yes. And all the telco companies that we now of are talking about bringing customer service in-house using digital chatbot, et cetera. And the risk -- what is the risk that the declines actually accelerate from here, maybe worse than what you're expecting, and therefore we can --
I don't see it as a risk. What I'm seeing, I'm going to tell you 2 or 3 things. You might have a risk for those company who have made that deals or bad decision or decisions that they wanted to save money and finally they save money by reducing their cost, but they were losing customers. It happens in France. And it seems to, some specific company, had the same story in U.S. It doesn't think that we are not going to grow again in telco. As I've you earlier on, we have some success in, I would say, no business in U.S. and we have announced that we could increase again our business in U.S. in H2, especially in telco. So I don't see that as a rule. There are clearly, in telco business, people that try to avoid to speak to their customer to make savings, because they are obliged by the market, because they are made by this, or to improve their earnings per share. Even with [indiscernible]. But at the end of the day, if you don't speak to your clients, you are losing your clients. And I'm convinced that it's not in our business, but [indiscernible]. It's mainly people that try to avoid to speak to their customer. So we are seeing that -- we are seeing elsewhere other clients that are understood and developed their relationship with clients through chatbot but, finally, with human being, and I'm not convinced that it's going to be worse in the future. Clearly, and I'm sure you have noticed that for some years, we believe that the growth of the group is much more the sector and that's what we have done over the past years and then we'll continue to do that. It doesn't mean that the telco have disappeared and will disappear in our portfolio tomorrow.
Understand. I mean, yes, the diversification has definitely helped in terms of organic growth. But just as a follow-up to that, if let's say, the declines continue in telco, how do you manage that -- the capacity that you have for the telco vertical, is it that you can basically switch over to the people...
Yes, yes, yes, of course, yes. But the telco is not going to, I'm sorry to interrupt you on that because I know there are some passionate people who want the telco declines, the chatbots are going to replace man. Clearly, it's not the way it worked, it's not the way it worked. There will be other needs, there will be other, I would say, proposal. If you're selling the same product to the same people for years and years, okay, you are in danger. The possibility to offer them a new product and improve product gives you ability to grow and to sell, because if people need to have antique charms, they need to have, I would say, all the steps at least to keep their customer with them. So it is not written this way. We are not under, I'm telling you, world by which telco is going to decline totally, and there will be no interaction in telco. I don't buy that. Clearly, telco will not be, I would say, the base for growth for the future, but it's not going to disappear in a minute like that, clearly not.
Okay. So in your view telco could actually come back once they decide to experiment with chatbots, et cetera, and then they decide --
Come back, I don't know. No, they are not coming back. No, no. It's not the man versus a machine. The machine will be part of the journey. Telco will need to sell, we need to speak to their customer base, may differently, that's we are doing last year or 10 years or 5 years ago. But they need to speak to their customer base and chatbot could be used. But I can tell you, even in basic stuff, people need to have explanation and to have emotion. So I do believe and we do believe that the telco, clearly, will stay a part of our business, and there is no -- it's not going to disappear this way, clearly not. And on top of that, I can tell you we are gaining market share in this business. You are going to see that in H2. So it's because there is a reality behind that.
So we have another question from Nicolas Tabor from MainFirst.
I had a sort of question on organic growth. So you managed to keep Ibero-LATAM at double-digit organic growth. As a comparison basis, either during the next 2 quarters, do you think you can -- it would be still be on the same trend, or do you see something else? And for CEMEA, do you think that H2, with a tougher comparison basis, organic growth will go below double-digit or it will remain double-digit?
I do believe these 2 zones, it's tough to tell. But believe these 2 zones will continue to deliver good growth -- good high growth. To what level exactly, tough to tell, probably they will continue to grow at higher level. EWAP will come back on growth in the second half, as I told you. And frankly, we should reasonably achieve our 6% like-for-like growth target for 2018. So I see these two zones continuing to grow at higher speed. Yes. Despite -- the most difficult quarter was H1, in terms of comps as a group, and even for EWAP. So now we are going to be, to continue to grow. But finally, when you are growing, you are growing it. Whatever the comps are.
Do you think you may achieve positive growth in Q2 in EWAP, as early as Q2 or should we wait for it?
Yes, but small, small, small. Excluding ForEx, excluding ForEx, of course. But small. What's interesting in EWAP is the fact that we have stopped the decline of U.K. We are back on growth in India, finally, China and India. So even if it's a small business compared to the U.S., but we are, I would say, tackling the issue that we have noticed last year.
So we have another question from Marco Corsiglia from Intermonte.
My first question is on the GDPnR directive in Europe. Could you give us an idea of how do you think this will impact in the industry as a whole and the outsource industry, and for Teleperformance in particular? This is the first question. The second is on LATAM. The growth is very, very strong. I was wondering to what extent that this is also due to price adjustment, given the valuation of the local currency is to -- could provide us an idea of the pricing effect of this growth? And the third question is on the EWAP market. The organic growth remained negative in this quarter despite the majority of the business should have been dynamic, while the Turkey pay TV is -- if I understand correctly, is the only part which is experiencing the weakness. So the weight is 20% at the group level, right?
Not sure to understand your last point?
No, I mean, that you...
EWAP. So EWAP is down 1%, so -- which is not a big stuff. Of course, there are some ups and down. I cannot draw, I would say, less than from what we have seen in the first half. So last year, we had a good, somewhere, whether with the EWAP in the first half, yes, if I remember, we are close to 5%, probably the higher level that we are all along the year. So we are competing with that. We mentioned at length the story of the telco, even if it's not mandatory for me. So we have ups and down. I don't see you can draw a conclusion from that, and then say that, that should grow this way. Frankly, I have time to swallow[indiscernible] that. As I told you, when you have so many clients, you have ups and downs, and I believe, we are going to show you in the second half of the year, very small, slowly in the Q2, but much more in H2. Again, the growth of the EWAP world. That's it. But whether there is a pricing effect, I don't know. Frankly, I don't believe it's a pricing effect. There are some pricing effect that's in Brazil, but it's not so big. No, it's new client. It's new business that has been gained especially in Columbia, also in Portugal, somewhere in Spain, in Peru. So I don't see there will be a much more pricing effect in this year than it was last year at the same time. So frankly, it's much more -- it's a fact that now, if I may say, more and more the [indiscernible] LATAM region is acting as a region. It was probably the more -- one of the more complex region to manage because it's split across Europe and South America. It's split across Spanish and Portuguese, it's split across Argentina and Brazil, and Mexico is strictly working for U.S., so it was a complex zone. And now we have changed the manager, we have a change of commercial force. And we start to arrest that. And I do believe there are still to be done, on what we call, the Pan-American client across the regions that we are not sufficiently attacking, addressing. So I do believe it's a real success of this region. As far as GDPI is concerned, you're right, that's looking massive, it's absolute key, I'm not here to comment what happened to Facebook and all that stuff. In our business, work -- we are the only one to be GDPI certified. We'll be ready for the 25th of May, date of the enforcement, upon the enacting of this law. I do believe it's, again, a step by a country, that means, that more and more people that want to have a good level of business would be obliged to go through that. So that means that the poor competitors that are on these sweatshops that avoid to pay their people and trying to get their ground before leaving is going to disappear. And I frankly believe it's going to give more and more, I would say, professional lease level, of good level to the market. And that could, clearly that could defend the price and explain to people that it's not potatoes that we are selling, but time of people. And I appreciate that. And increase the promoting by far, in advance from the other.
Okay. So positive for Teleperformance. But for the industry, for the outsourcing industry as a whole?
You have to cope with, you have to invest. And those who are not able to do that, they're going to disappear. And for the clients, the people just say, okay, I don't want to pay. Okay, go to the other. But take the risk. Look to what happened to Equifax, look to what happened to Facebook, look to what happened to all these guys. You have to cope with the law now. They cannot only consider their client as just a line. You have to take that in account, and I do believe it's going to be good for us.
Okay. We have no further questions. [Operator Instructions]
Okay. Thank you all for this time and for your interest in this company, in Teleperformance. I wanted to thank you all for your participation in this call. Again, I just wanted align despite the question that we raised about FX, the currency and all that, that is win success, to deliver such a growth again for the 24th quarter in a row. And again, we are reasonably confident for 2018 as mentioned earlier on. I'm going to leave the floor to Quy, and he will give you some detail regarding the agenda for the coming months. And thank you, again, for your participation.
Yes, thank you, Oliver. Just a couple of words about the financial agenda. Please save the date of half-year research publication for 2018, the 26th July. In the meantime, of course, later from us, continue to participate in numerous conferences organized by brokers, and of course, we would be happy to see you, Olivier, on these occasions. Thank you all for your participation and see you next. Bye.
Thank you. Bye-bye to all.
Ladies and gentlemen, this concludes the conference call. Thank you all for your participation. You may now disconnect.