EBITDA is quite stable (-1%) to €10.0bn, slightly below the consensus and well below our bullish expectations of €11.1bn. It was severely affected by FX fluctuations (€487m) and the COVID-19 impact (€218m) which were difficult to forecast and explain the deviations from the consensus. The FY20 proposed dividend is up by 5% to €0.42. Gross investments (+13.3%) reached a record to €9.2bn. Non-recurring items globally weighed on the results, overshadowing the resilient operating figures.