The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Nicolas David - ODDO BHF Corporate & Markets, Research Division - Analyst
: Congratulations for these excellent results. I have 3 questions. Your guidance upgrade as far as your growth is concerned. Is this upgrade clearly
linked to a better half year than expected? Or were there other conditions, more favorable conditions that you're thinking about during H2. If yes,
from which regional zone or from which business line?
Question #2. You are talking about the low-profit contracts that will be terminated, which contracts and which zones or regions, please? And next,
will you continue during H2 and next year will you continue with these low-margin contracts? And then third question, what about the impact of
these actions on the adjusted operating margin and the negative impact on the growth of your company today? And a technical question on the
calendar effect. I'd like to come back to this. Could you give us an estimate on Q2 growth and first half margin if you have the numbers and the
swing in the second half because I think it's going to be a positive swing during H2.
Question: Gregory K. Ramirez - Bryan Garnier & Co Ltd, Research Division - Analyst
: I have several questions to ask. First, we've seen an improvement in your profitability in Germany. Could you give us more colors on that? And how
big is the improvement? For instance, the positive impact on SFT with the unraveling of a number of operations. I had the impression that this is
something you would deal with next year.
And then I have another question on SBS. When I look at your revenue growth for software, 3.4% and licenses are growing and subscriptions are
growing faster. Does that mean that there's some type of erosion in the maintenance revenue in the revenues coming from maintenance?
And the third question, I'd like to come back to the levers that you used to improve your margins by geographic area. You've seen -- you've improved
everywhere, and there are levers everywhere, could we consider that of your different reporting units, there are levers that you can still use. How
much can you use them still in 2024, 10% or 11% in France? Is that something you could think of? Is that feasible? And the margins, the CS margins
diluted a little and there's also the integration of Ordina for what you call other Europe. Etienne will answer the first question.
Question: Nicolas David - ODDO BHF Corporate & Markets, Research Division - Analyst
: 2 questions -- additional questions. The first of which U.K. private sector NS&I. Did this contribute to growth in Q2? And if so -- if yes, was this a
normative level? Or is there a ramp up here? That would be interesting to note. And then number 2, in terms of net recruitment. We had a slowdown
in Q2. Is this something that's stated, obviously, given the slowdown or any surprises? What about your recruitment capacity? I calculated 230
recruitments Q2, about 500 per quarter.
Question: Nicolas David - ODDO BHF Corporate & Markets, Research Division - Analyst
: And what about NS&I, any ramp-ups?
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