A mixed bag, with good Q4 results and a dividend increase which were offset by an outlook impacted by inflation-driven cost increases. Q4 EBIT came in above our estimates, thanks to further cost reductions and cash generation which improved with a working capital release of €52m. Management sees pre-crisis sales but an EBIT at 2020 levels, with higher feedstock costs partly offset by cost management.
09 Mar 2021
Q4: margins under pressure in 2021
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Q4: margins under pressure in 2021
A mixed bag, with good Q4 results and a dividend increase which were offset by an outlook impacted by inflation-driven cost increases. Q4 EBIT came in above our estimates, thanks to further cost reductions and cash generation which improved with a working capital release of €52m. Management sees pre-crisis sales but an EBIT at 2020 levels, with higher feedstock costs partly offset by cost management.