Good FCF and EBITDA in 2020 even if DandA expenses were slightly higher than expected LU-VE had previously reported an organic sales decline of -2.4% for FY20. The reporting of full PandL showed a good adjusted EBITDA margin (11.4% vs. 11.1% expected). However higher DandA than previously expected led to an adj. operating margin slightly weaker than expected (3.9% vs 4.2%e). A strong NWC management allowed net debt to reduce from EUR126.2m in H1 20 to EUR106.8m (vs EUR111m expected). DPS will b ....