Revenue increased by 3.6% in organic terms to €18bn and EBITDA by 3.9%, to €3.2bn, both slightly higher than our expectations. Growth was mainly supported by the Recycling and Recovery Europe division on the back of a positive price effect. The net debt/EBITDA ratio remains flat at 3.2x but was down to 3.0x at constant accounting standards. The proposed dividend is in line with expectations (€0.65). FY20 guidance is promising, the impact of 2019-nCoV is not substantial.