Full Year 2020 Spie SA Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Sylvia Pavlova Barker - JPMorgan Chase & Co, Research Division - Analyst : First start with one on working capital. So you've given us the 8 days from -- held from government schemes. That works out to about, I think, EUR 145 million. Just to be clear. If that all reverses in 2021, then it'll be a little bit difficult for your leverage to reduce again. So can you maybe just give us a bit of detail around that? How much of that reversal should we actually be penciling in and just to confirm that you will be reducing from the

Question: Sylvia Pavlova Barker - JPMorgan Chase & Co, Research Division - Analyst : Okay. And can I just follow-up on Michel's answer just very quickly? Is that reduction in leverage including the EUR 200 million of revenues that you'll be acquiring as well, just to confirm?

Question: Nicolas Tabor - Stifel Europe, Research Division - Analyst : And congratulation on the results. The first question was on the U.K. I wanted to understand, after the soft restructuring, where profitability is lying? I mean I guess you can't give an exact number, but you have an idea. And how much do you expect it could further improve in the future? And overall, when we look at the Northwestern Europe, what are the moving parts for you to come back to maybe above 4% margin over the next 2 to 3 years, over the mid-term, let's say? Then the second question is on the nuclear activity. I guess you had put the phaseout of one of the contracts, and there's not much to catch up in terms of delayed activity. So is it fair to expect stable nuclear activity for 2021 versus last year? Or is there some new contracts kicking in that we -- I mean I'm not knowing of that you can share with us? And then the third question would be on the net working capital, not on the short term but really can you share with us the best-in-class level of days -- negative days of working capital so we can try to understand where is the level of days you try to achieve by improving the, let's say, underperforming businesses and subsidiaries and where you could be further down the road in several years?