Positive release with FY21 EBIT slightly above guidance (€363m vs €350-360m) and a 4% dividend increase (€1.03 per preference share). While the guidance is subject to the war in Ukraine, FY22 is guided above our estimates with sales of €3-3.3bn and EBIT of €360-390m (AV estimate €2.8bn / €355m), led by both higher volumes and prices, and cost management with a limitation in the hires. FCF is guided at €220m vs €90m in FY21, as working capital improves.
