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: Simon LeChipre - Stifel Europe, Research Division - Analyst
: Three questions, please. First of all, looking to Q2, how confident are you in terms of your guidance for H1, given the new restrictions being put in
place? So basically, do you expect Q2 to show a slight deterioration compared to Q1?
And secondly, in terms of margin. So if you could please come back on the drivers behind the better performance and give us some details on the
segments which are doing better compared to your initial expectations.
And lastly, looking to your free cash flow guidance, so you keep it unchanged despite better profitability expected. So does that mean the minus
EUR 100 million recurring free cash flow you expect is really a conservative scenario right now, or there are other factors that would offset the
impact from the better profitability?
Question: Joseph Philip Thomas - HSBC, Research Division - Analyst
: It's Joe Thomas from HSBC. I just wanted to come back on the pipeline, if that's okay. So I think you characterized the pipeline as being solid. And
you said that, I think, first-time outsourcing was about 1/3 of the pipeline. How much -- what percentage of the pipeline is first-time outsourcing
normally? I just want to get a sense of whether that's increased or decreased and whether the overall scale of the pipeline is going up or going
down. It doesn't sound as though there's much coming from smaller competitors, let me say they've been given more oxygen. So I just want to
get a better steer on whether there is a potential for the growth to be accelerated. That's the first question.
And then the second question is on the health care side of things. We reach a grim headlines in the newspapers daily, especially in the U.K., about
the routine operations being delayed, postponed, especially in London at the moment. I don't know to what extent that's more widespread. But
any thoughts on how that's -- how you're thinking about the health care business more generally?
Question: Joseph Philip Thomas - HSBC, Research Division - Analyst
: No. I (inaudible). The question was really aimed at understanding whether...
Question: Joseph Philip Thomas - HSBC, Research Division - Analyst
: Yes. No, I understand that it's the (inaudible) come back eventually. My question really was aimed more at understanding, on a quarterly basis,
whether Q2 was looking worse than it did in Q1.
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