In our view, Clariant’s FY figures on the profitability line came in much stronger than expected as we had expected much higher restructuring costs on the profitability line and also assumed higher idling costs in the business segments. Consensus was slightly beaten. The core message of 2020 is that Clariant is now in a position to stabilise its profitability margin, which is different to previous downturns. In the analysts call, management made some strong statements regarding a greener fut ....