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: Ben Castillo-Bernaus - BNP Paribas Exane, Research Division - Analyst
: One, just on the FCAS project. You highlighted the EUR 600 million of order intake. Just wondering on the -- how we should think about the phasing
of the costs associated on delivering that? And indeed how we should think about revenue being recognized through 2023 and beyond for that
initial phase?
And then secondly, looking at your hiring in Minsait like hiring sequentially slowed to just 1% in both Q3 and Q4, sequentially down from sort of
3% to 4% before that. How should we think about the expected growth in Minsait in 2023? Are you planning for a positive growth year or a flat
Question: Ben Castillo-Bernaus - BNP Paribas Exane, Research Division - Analyst
: And just one quick follow-up, if I may. Just in terms of FX assumptions. Obviously, we've seen early sharp moves towards the end of Q4 last year.
Your guide revenue growth is in constant currency. What's your base case assumption on FX? I think it was a 1 to 2-point tailwind in last year?
Where do you -- modeling for 2023, the impact?
Question: Nicolas David - ODDO BHF Corporate & Markets, Research Division - Analyst
: Also congrats from my part for this very stronger Q4. I have a few questions from my side. The first is coming back on Minsait growth guidance. So
it's clear that excluding the ongoing contract is mid-single digit. But could you discuss a bit about the phasing of this growth?
Is it -- do you expect a stronger beginning of the year? And are you factoring then a slowdown cautious -- more cautious based on the macro
assumptions, which are probably macro, is providing some uncertainty? So -- or is it really from the beginning of the year, 5% and your assumption
is that you will keep the base all over the year?
My second question is what was the impact of the FCAS signing your Q4 book-to-bill? And could you give us a figure and trend for Q4, excluding
this contract? And my last question is, could you provide us with an update regarding any potential strategic review be it for midterm -- new
midterm ambitions and also potential evolution of the portfolio of activities?
Question: Nicolas David - ODDO BHF Corporate & Markets, Research Division - Analyst
: Yes. The question 3 was about providing an update regarding any strategic review regarding asset disposal or midterm ambitions? When do you
plan to come back to the market about that? Or could you already now give us a flavor of what you could announce? And maybe a follow-up to
Luis' answer.
I mean my question was rather on the growth. I mean when you mentioned that a weaker Q1 from Minsait, which means, in terms of margin, right?
My question was whether about the growth -- phasing of the growth for Minsait, excluding Angolan contract, really underlying growth from Minsait
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