Thank you, and good afternoon or morning, depending on where you're located. For those of you who don't know me, I'm Toby Reeks, head of IR at SGS, and it is my pleasure to welcome you to this call, where we will be presenting our strong 2020 performance. While it's clear visibility hasn't returned to pre-COVID levels, Frankie will give you a flavor of what to expect in 2021. This will follow the same format that we usually follow. Frankie and Dominik will run through the presentation, and then we will have time for Q&A at the end. At that stage, the operator will come back and let you know that you can each ask two questions each, or I will let you know you can ask two questions each. Please stick to that, and then if we have more time at the end of the call, we can take additional questions then. With that, I would like to hand over to Frankie and Dominik. Please go ahead, guys. Thank you, Toby. Good afternoon, everyone, and thank you for joining the call our full year result. As usual, I will give a highlight of our performances, and Dominik will go through the financial in more details. I will come back to you all with an outlook for 2021. If I move the slides to four. Just a few words about the COVID-related actions which dominated many of our thought during the year 2020, ensuring the health and safety of our colleagues is always the highest priority for the management team. I would have to say that in 2020 was more than any other years that I faced in SGS. Many of the actions we have taken in the network has helped to limit the impact of COVID on our colleagues and our operations. During the second half, we have maintained most of actions that have been made in the first half. Some of those actions include a global travel ban for non-essential visit, a global work from home policy wherever is possible, enhanced PPE requirement, additional shift planning, a new process flow to adapt to COVID-19 safety requirement, both in the field and in our laboratories, and use of remote technology where possible to avoid sending teams on site, like remote inspections and IoT sensors, for example. Toby mentioned a set of strong results. Just to go few quick highlights. Total revenue declined by 8.8% at constant currency, while the organic decline was 6.5% with two business line achieving organic growth. Our adjusted operating income stands at CHF 900 million, an 8% decline at constant currency compared to 2019. Our profit for the period stand at CHF 505 million, a decline of 28.5% compared to prior year. Free cash flow improved to CHF 758 million, an increase of 12.6% compared to prior year. Our ROIC for the year stands at 16.5%, but if you adjust this from the recent acquisition of SYNLAB A&S completed on December 31st, the ROIC stands at 20.9%. The board of directors is proposing a dividend of CHF 80 per share, same amount as last year. During the year, we managed to minimize the disturbance of our operations and reinforce our customer service focus to help our clients deal with the challenge they are facing in their supply chain. I'm very proud to say that our ability and agility in mobilizing our network to support them has been recognized and praised by many of our customers. In term of service development related to COVID-19, we have continued to deploy our next normal solutions. We position ourselves successfully for growth, strong growth in PPE testing and inspection in China. We benefited from our increased capacity in our bioanalytical and clinical trial solution for new vaccine. The use of remote inspection that I mentioned earlier and auditing as well, remote auditing, also increased significantly through the year as access to customer site have been restricted. The adoptions of our remote solutions by our client has increased dramatically as well. Aside from remote inspection and remote auditing, we have also seen an increase of remote consulting services within our technical consulting portfolio. Financial discipline is an important aspect during such a volatile period, and Dominik will provide you with more details on the actions we have taken during 2020. It is important to highlight that we have continued to invest into strategic priorities market through both CapEx and acquisitions. I believe the long-term structural drivers of the TIC industry have not changed. Some sector like life sciences, environment, food security, and connectivity may have become even more relevant for society and is important that we continue to invest in order to maintain our leadership position. Here also to add that our investment includes action taken in our operations to continue our sustainability journey that we have started around 10 years ago. We continue to evolve the culture of our organization and set higher standard for ourselves, which is also reflected in our leading sustainability and ESG credential in the TIC sector. During 2020, we made six acquisitions, with the largest one being SYNLAB A&S that was completed in December last year. This acquisition will reinforce SGS position as a key players in the environmental, food and life sciences sectors in Europe and globally. It will give SGS better access to the more routine but high volume regulatory environmental testing market and give us a stronger position in the Nordic country where SGS traditionally has not been that present. The other five acquisitions are in consumer goods with Thomas Stephens in the U.S., which further expands CRS footprint in area of cosmetic testing. In statutory vehicle inspection with CTA Gallet and Groupe Moreau in France, which help to consolidate the inspection network. In industrial services, with Accra Engineering Controls in New Zealand and Ryobi Geotechnique in Singapore. These acquisitions will help to enhance our technical competence in the manufacturing and construction sectors, and also help us to diversify other portfolio in those countries. During the year, we also completed one disposal with the pest control activity in Belgium and in the Netherlands. Subsequent to our closing, we have also announced two additional acquisitions, both in line with our strategic focus in becoming a key players in the AFL area. Analytical & Development Services in the U.K. will expand our food service portfolio by adding pesticide and chemical testing competence to our existing food activity in the U.K. The other one is the laboratory facilities of International Service Laboratory from Novartis in Ireland, which will provide SGS a new competence center and increase our capacity to serve our customers in the fast-growing life sciences industry as they continue to outsource to chosen partners. This is a slide about the last three items. I'll hand over to Dominik for more interpretation of the financials. Thank you, Frankie. Good afternoon, ladies and gentlemen. I will start with the overview of the financial highlights for fiscal year 2020. Frankie already mentioned the operating highlights in his introduction with revenues of CHF 5.6 billion and adjusted operating income of CHF 900 million and a free cash flow of CHF 758 million. Revenues for the group in constant currency decreased by 8.8%, driven by an organic decline of 6.5% across the majority of the segments, mainly reflecting the impact of the COVID-19 pandemic. The adjusted operating income decreased by 8% in constant currency to CHF 900 million. The AOI margin increased by 20 basis points to 16.1% at constant currency. Net profit after minority interest decreased by 27.3% to CHF 480 million in the period under review, which is, besides operational performance, also related to a higher gain from disposals realized in the prior year. I will later talk more about those one-off items. Cash flow performance was strong, with cash flow from operating activities up 3.2% and free cash flow up 12.6%. The decline in net profit was more than offset by strong net working capital management, lower taxes, lease payments and CapEx. Organic revenues declined by 6.5% in 2020. During the second half, we experienced a gradual improvement, leading to a situation that we are back to organic growth in December 2020. The contribution from acquisitions is with 0.7% very limited, as the more sizable acquisitions, like the A&S division of SYNLAB and Ryobi, are only consolidated as of December 31st. Disposals had a negative effect of 3%, leading to an overall decline in constant currency of 8.8%. The negative currency impact of 6.3% was due to the strengthening of the Swiss franc against all major currencies. Moving on to the revenue growth by business. Agri, Food and Life posted organic growth of 0.3% in 2020. A decline in Food, which was more impacted from lockdown measures in the first half, was more than offset by growth in Agri and Life. Growth in the second half was strong across all segments. Minerals posted a revenue decline of 6.9% in constant currency. The impact of extended lockdowns measures, mainly in Europe and the Americas, was partly offset by growth in Asia and Eastern Europe during the second half, leading to a material easing of the decline rate in the recent months. Organic decline in Oil, Gas and Chemicals was 7.7% for 2020, which is very similar to the decline rate of H1 of 7%. The business was affected by lower demand and the material oil price drop in the first half. With an organic growth of 1%, Consumer and Retail showed its resilience during the COVID-19 pandemic. The revenue decline experienced in the first half was more than compensated by good to strong growth experienced in all segments in the second half of 2020. CBE declined organically by 12% as the division was impacted by travel restrictions and lockdowns, preventing auditors from visiting customer premises, especially in the first half of 2020. The organic decline rate of 17.8% in the first half eased to 7.3% in the second half as management system certification showed a strong and accelerating recovery throughout the second half, also helped by remote audit solutions. Business enhancement activities are still declining in the second half. Revenue in Industrial declined organically by 13.4%. Transportation and oil and gas were the most heavily impacted, while manufacturing returned to growth in the second half. Environment, health and safety declined organically by 9%. A strong start of the year was interrupted by the pandemic, which was especially evident in health and safety, given the inability to access construction sites and provide services to hospitality and industrial hygiene clients. The weakness in the first half was partly recuperated later in the year by a pickup in demand in Europe and Asia for lab testing services. Revenues in GIS declined organically by 12.4%. Economic affairs were affected by export weakness. Mobility was severely impacted by the global lockdown measures and the end of certain contracts. The recovery in H2 in Europe and Latin America has been slowed by the second wave of restrictions. Border solutions delivered strong growth by continued market penetration for TransitNet. From a regional point of view, organic decline in Europe, Africa, and Middle East was 7.9%. The Eastern Europe and Middle East countries achieved low single-digit growth as key markets such as Russia and UAE experienced good growth throughout the year, and Turkey recovered strongly in the second half. The double-digit decline experienced in the majority of the key markets in Europe and Africa in the first half gradually improved throughout the second half, with several key markets achieving growth towards the end of the reporting period. In the Americas, organic revenues declined by 12%. While trading conditions, especially in the U.S., remained challenging given the end market exposure, we experienced a good recovery in the second half in several Latin American countries. Asia Pacific was very resilient, with a limited organic decline of 0.7%. Northeast Asian countries experienced growth throughout the year, thanks to key markets such as China, Taiwan, and Korea, almost offsetting the decline of the Southeast Asian Pacific countries. Our AOI margin increase of 20 basis points in constant currency was among others, driven by a very efficient approach when it comes to workforce management. Salary and wages, which account for approximately 50% of revenues, decreased in actual currency by 16.7%. Stripping out the currency impact as well as the restructuring costs in both years, the underlying reduction was 10.2%, declining stronger than the comparable revenue decline in constant currency of 8.8%. The underlying reduction was driven by the active portfolio management, the benefit of the structural cost optimization program implemented in the second half of 2019, as well as various measures taken to mitigate the COVID-19 impact. FTEs at the end of 2020 declined by 1% versus prior year. Acquisition-related increase of 2.7%, which is to a large extent related to the acquisition of the A&S division of SYNLAB, as well as Ryobi, both consolidated as of December 31st, is more than offset by the structural cost optimization program, as well as other measures to adapt to trading conditions in 2020. Average FTEs in 2020 decreased by 5.7%. The magnitude of the change by region needs to be set in perspective with the revenue decline. Overall, we adjusted the headcount to trading conditions and benefited from our structural optimization program. However, we have sufficient capacity in place in all regions to convert incremental demand with good incremental margin. The adjusted operating income decreased at constant currency by 8%, which reflects the organic decline of 6.7%, as well as the net effect of acquisitions and disposals of 1.3%. Currency had an adverse impact of 7.3%, leading to a reported decline of 15.3% in the period under review. AOI margin remains stable at actual currency, but improved by 20 basis points in constant currency. In addition to the operational performance, the operating income of CHF 795 million was primarily impacted by the following one-off items. In goodwill impairment of CHF 37 million. Restructuring costs accounted for CHF 84 million in 2020. Approximately half of this amount is related to the early termination of the single window contract with the government of Ghana and the vehicle inspection contract with the government of Uganda. A claim against the government of Ghana has been raised for the breach of the contract. Gain on business disposals is related to the sale of PSC in 2020 compared to the disposal of PSC in the prior year. 2020 transaction costs mainly related to the acquisition of SYNLAB Analytics & Services, while 2019, it was mainly linked to the disposal of PSC. While the margin decline in the first half of 200 basis points was pretty resilient given the magnitude of the revenue decline, the very strong performance in H2 of +200 basis points is a function of tight cost control, the structuring benefits, and lower bad debt expenses, while the revenue decline rate eased. Throughout the COVID-19 pandemic, we continued to focus on financial discipline, leading to the following achievements during the period under review. Two CHF bonds with a combined nominal value of CHF 500 million were issued at attractive conditions. We continue to focus on price discipline. The structured cost optimization program, launched in the second half of 2019, delivered annual savings in excess of CHF 90 million. This, coupled with strong cost control and the other restructuring benefits, led to a drop-down ratio of 14.3% in 2020 or an AOI margin increase of 20 basis points in constant currency. Free cash flow increased by 12.6%, driven by tight net working capital management. Moving on to the margins by segment. The strong adjusted operating margin increase in Agri, Food, and Life of 160 basis points was primarily driven by a strong margin performance in the Agri and Life activities. Margins in Minerals increased strongly by 80 basis points, despite the revenue decline. This increase is due to structural cost optimization program, strong cost control, and other restructuring benefits. Margins in Oil, Gas, and Chemicals declined by 100 basis points, driven by lower volume and lower utilization rates, partly mitigated by cost control and structural cost optimization measures. Our most profitable segment, CRS, saw the margin increase of 40 basis points to 25% on a constant currency basis, driven by the strong pickup in demand for PPE. Margins in CBE declined by 60 basis points, driven by the revenue decline, especially in the technical consultancy, training, as well as aviation activities. The strong margin recovery and management system certification in the second half and tight cost control partly mitigated the margin decline. In Industrial, structural cost optimization, the change in the portfolio towards value-creating business and other cost-saving activities were partly able to compensate the revenue decline, leading to a drop-down ratio of 18% for the Industrial business. Margin decline in EHS was more severe than in other business lines, reflecting the lower utilization levels, lower volumes in some higher margin services, but also the retention of technical capabilities. The margin increase in GIS of 160 basis points was driven by better collection and cost optimization, more than compensating the margin decline in the mobility segment, given lower utilization levels. In respect of the 150+ units in scope under the EVA performance management review, significant progress has been achieved despite the impact of COVID-19. 17% of the units were in the meantime closed. 40% are value-creating in 2020. 14% improved their results and expect to become soon EVA positive, while the remaining 29% are on a critical focus list, partly because of the pandemic, but have a plan to improve materially in 2021. Moving on to the balance sheet. The increase in goodwill and intangible assets is primarily due to the consolidation of SYNLAB A&S Division, as well as Ryobi as of December 31st. The reduction in unbilled revenues, work in progress, and trade AR is driven by lower revenue levels in general, currency effects, but also by a strong focus on collection. Our cash position is CHF 300 million higher than the prior year, despite the outflow for the dividend and share buybacks in the first half, which we are compensated by the issuance of a CHF 500 million bond and a strong free cash flow generation. For the purchase price consideration of the A&S division of SYNLAB, a bridge facility was considered. Net debt increased from CHF 800 million in prior to CHF 1.5 billion in the period under review. Cash flow from operating activities increased by 3.2% to CHF 1.2 billion, reflecting the strong inflow from net working capital and lower tax payments, more than offsetting the reduction in profits. Furthermore, free cash flow increased by 12.6%, also benefiting from the slightly lower CapEx and lower operational lease outflows. We paid dividends of CHF 598 million, bought back shares for a consideration of CHF 208 million and issued two Swiss franc bonds, which led to an inflow of CHF 499 million. The management of net working capital continues to be a very strong feature of SGS. Operational net working capital stands at -2.5% of revenues in 2020, reflecting lower trade ARs, given lower revenues, an increase in advance payments, a reduction of DSO, supported by strong cash collection and EVA performance management approach. CapEx for 2020 declined slightly less than revenues, leading to a moderate increase in percentage of revenues from 4.4% the prior year to 4.6% in the current period. While we have delayed some non-essential and maintenance CapEx, our level of investment into strategic priorities has been maintained. Almost 1/3 of our CapEx is allocated to CRS, here, especially towards electronic components in Northeast Asia, which is a high strategic priority. 15% of the CapEx was allocated to AFL, primarily to Life, also towards the Food segment. The capital allocation for OGC and minerals is to a large extent related to client-driven projects. To sum it up, our revenue in 2020 declined by 8.8% in constant currency, of which 6.5% is organically. Multiple actions on the cost management side, as well as lower bad debt expenses, led to an increase in the adjusted operating income margin of 20 basis points to 60.1% in constant currency. We strongly increased our free cash flow, significantly increased our investment into strategic priorities via acquisitions. We will propose a stable dividend of CHF 80 to the shareholders in the upcoming AGM. With this, I hand back to Frankie. Thank you, Dominik. Let me go through the business review. Same as the first half result, I'm going to give you an indication of how we see each of the business line organic performances in 2021 compared to the relative performance of the total group. Let me start with Agricultural, Food, and Life. AFL organic growth should outperform the group average. We expect the trade to continue to grow as demand remains solid. Food structural drivers remain with concern over quality, safety, and authenticity, supported by testing outsourcing trend. Life will continue to benefit from increasing vaccine work, customer outsourcing, and our investment in additional capacity. Mineral organic growth should be broadly in line with the group average. The overall outlook of the mineral industry is positive, with competitive price supporting trade. An expected increase in exploration spend, which will benefit our geo-chem laboratories as well. Trade and metallurgy volume should increase, but with an offset being coal, as power productions continue to transition away from carbon-intensive production. Oil and gas chemical organic growth should be below the group average due to expected soft volume of activity in first half of this year. This will continue to impact trade and testing volume. However, we expect a more positive second half with solid volume evolution, including our upstream portfolio. CBE organic growth should be above the group average. Depending on the customer accessibility and availability of travel, growth will be driven by a continuing management system catch-up following the ease of restriction and recovery of technical consultancy business. The more discretionary second-party audit and training are likely to remain under pressure. Sorry. Industrial services. Industrial organic growth should be below the group average. Services to the manufacturing sector were resilient in 2020 and should grow in 2021, particularly in the testing activities. Power and utility will benefit from increased demand in the nuclear security sectors, and also catch-up activities with delayed shutdown. Oil, gas and chemical-related activities are expected to remain soft with some limited catch-up project. Transportation sectors, both aerospace and automotive, will be under pressure in 2021. EHS. Sorry. EHS organic growth should be broadly in line with the group average. Pressure measures to suppress COVID-19 in the first quarter of this year will continue to impact health and safety services due to site access and also a lack of tourism activities. The environmental labs business should grow and should benefit from project delay, particularly in the U.S. Looking to the second half, we expect the health and safety business to recover, driven by demand from the real estate, hospitality, and tourism sectors. Our marine business has performed well in 2020. The growth is expected to accelerate in 2021. GIS organic growth should be broadly in line with the group average. Product conformity assessment should continue to recover with increasing volume and new contracts starting this year. Service related to customs should see a positive development in 2021 with the continuing growth of TransitNet and the addition of services related to Brexit. Most of our statutory vehicle inspection centers have reopened, and we expect them to function at full or almost full capacity throughout the year. To finish on consumer goods, CRS organic growth will be outperforming the group average. E&E and our Northeast Asian region will continue to be strong growth drivers due to demand and due to our long-term investment to build competence and capacity, particularly in the connectivity-related products such as 5G, IoT, cybersecurity. We are not expecting to see the same level of PPE testing and inspection as in 2020. Both Hardlines and CPCH, Cosmetic Personal Care and Household product, are expected to grow in 2021 with steady demand. Let me give a few word about our new strategy 2023. Regarding our new strategy, I would like to remind you that the formal communication will take place in May at our Investors Day, and the launch of our Sustainability Ambitions 2030 will also be in the second quarter. The purpose today is really to provide an overview of the new structure and the sector we will be focusing on in the future. Despite the current short-term variability, particularly linked to COVID-19, the structural growth of the TIC sector remains intact, and we see an increasing relevance of opportunities as new regulatory requirement, customer awareness, health concern, cyber threat, social evolution related to environmental issues are driving demand for many of the TIC services, and the scope is growing. The new structures that we have set is to align our business focus with the new TIC megatrend and build our competence and expertise and network around them. To regroup business line that have similar delivery model in order to enhance further operational efficiencies. To enhance our digital innovations, technical consulting, sustainability-related services, and this via our strategic unit. To create a more agile management group with a leaner structure. The new structure of the group is focused on servicing four key industries. The new divisions are named Connectivity & Products, Health & Nutrition, Industries & Environment, Natural Resources. We also now have two cross-industry strategic unit with a focus on specific competencies. They are Knowledge and digital and innovations. This slide gives you a high-level view of how the existing business line and the sub-business unit are evolving and integrated into the new divisional structure. This is certainly not comprehensive, or the chart would be way too complex, but it should give you an idea of the evolution. For example, the new Knowledge strategic unit is currently composed of the former CBE, but new services are being added to this unit, such as ESG and supply chain management-related services. Likewise, Connectivity & Products will include existing CRS and will also have a clear focus to connectivity-related services in the automotive and the semiconductor industry. This slide shows the new Operations Council org chart in place starting in 2021. It will be composed of 18 members, and these member will compose of 14 different nationalities representing the cultural diversity of the group. More details on market drivers, go-to-market strategy, all the rationale will be presented in our May Investors Day that will take place in Spain. Maybe to conclude on the outlook. It remain difficult to provide a clear outlook for 2021 considering the evolution of the COVID-19 with the new lockdown measures in many countries, the implementations of the vaccine strategy, the evolution of the different new COVID variants. Based on the current situation, my outlook is a solid organic growth, however normalized for the impact of COVID, an improving adjusted operating income, a strong cash conversion, maintaining best-in-class organic ROIC, accelerate investment into our strategic focus area with M&A as a key enabler. At least maintaining or growing the dividend. I believe that 2020 has shown the resilience of the SGS Group and our ability and agility to adapt to new situations. We have continued our investment for the long term as we are confident that drivers of the TIC sector remain intact and our services are becoming more relevant to many industry. To conclude the presentations, I would like to thank my colleagues of the entire SGS Group and the Operations Council for their dedications and courage during this rather challenging year. As we move into 2021, the health and safety of our colleagues and their family remains our priority. On that, Toby, I'll hand back to you for the Q&A session. Thank you very much, Frankie and Dominik. We have a few people stacked up in the in the Q&A order. I would like to remind you, please limit it to two questions. Of course, then you can come back at the end and ask additional questions if you'd like. First of all, in the queue we have Andy Grobler from Credit Suisse. Please go ahead. Good afternoon, everybody. I've got lots, but I'll stick to two as directed. For Dominik, really, given the strength of margins in the second half, and assuming solid organic growth, do you think it's reasonable to expect to get to that 17% margin target this year? Secondly, you mentioned that December was back into growth. Has that momentum continued into the start of 2021 given that lockdowns have become a bit stricter? Thank you very much. If we start with the margin target, I think it would be to come to 17%+ this year would be, I would argue, a bit demanding. We absolutely convinced and confident that we can show good operational leverage, but we also have to consider a couple of points into this year. I mentioned that one important driver of the margin increase in 2020 was also lower bad debt expenses, given the very strong collection. To give you some insight, roughly lower bad debt compared to the prior year contributed 40 basis points to the margin development in 2020. I'm not saying it will go back to the level of two years ago, because I think we are structurally in a better position. However, I would argue the very low bad expenses we had last year was extremely low, so they most likely will be a little bit higher. The acquisition of the A&S division of SYNLAB, they have lower profitability than the SGS group, so there is a little bit of a diluting effect. Obviously, there will be quite some margin pickup in 2020 when the full synergies are realized. Also, if you look a bit to the growth pattern in the second half, if you look which business we are growing, especially in the second half, there was to a certain extent, let's call it a good margin mix. CRS, strongest growth, 7.5%, by far the highest margin. Within AFL, especially live trade, very high margin. CBE declining, management system certification, very strong acceleration. I would say at a certain moment when other segments, which are maybe more industrial, more cyclical, coming back with growth, they have lower margin. To come back to the point, we are very committed for operational leverage. I would say 17% for this year would be a bit too demanding. The other question was about growth in 2021 on the back of December. On the back on December. We have seen this gradually improving. January is not done yet. We don't have the financial numbers, and January is anyway a month where you cannot read too much into it until activities are starting. The first couple of weeks is very hard to read something into it. I would argue, when we did the trading update, when was it? Beginning of November when we talked about the SYNLAB acquisition, we had not in mind to have 1% growth in December because we were also a bit concerned with second lockdown measures. It seems, at least in the industry, that clients reorganized themselves, that they have their protocol, and as long as supply chains not getting disrupted, things moving on, with the exception of one or the other business or country. Okay. Thank you very much. No problem. problem. Great. Thank you very much. Thank you. The next person on the call we have is Paul Sullivan from Barclays. Hi, Paul. Could you limit it to us all, please? Yeah, sure, Toby. Thanks. While it's hard to generalize, could you just maybe comment on how you think the competitive landscape's evolved, and would you say that pricing is firmer or softer than it was 12 months ago? Then Dominik, I don't know if you could provide some sort of housekeeping update in terms of below the line items like interest, tax, CapEx, and any thoughts on further restructuring costs and benefits this year. Thank you. Hi, Paul. It's a bit of a difficult questions. I would say it really depend on segments, industries. You take the oil and gas sectors, the pricing power is more on the customer side. There's no questions. There's a soft demand, there's excess capacity. We're more under pressure than anything else. At the other extremes on anything linked to life sciences, as well as some of the consumer goods like PPE, 5G, and so on, because whether they are essential services now or they are newer activities with a lot of added value, then the pricing power is more on our side. Then you have a little bit everything in between, depending on what you're looking at. I would say, it's not too much different than what we've seen in the past. Certainly during the lockdown, there was more requests from our customers to help them to survive some of the difficult time. We are more focused on adding value by creating more services to help them to deal with the disturbance of the supply chain, more than just giving them outright discount. I would say we're mitigating some of the pressure, but the market pressure is not different than what we've seen in the past years. To your other question, Paul. If we look to the tax rate, tax rate was 32%, but it was a bit higher than our usual guidance of higher 20s. Higher 20s should be absolutely fine. The reason that it was a bit higher was the fact that part of the restructuring cost was not tax deductible, nor the goodwill impairment. A higher 20 I would use for 2021 and the years ahead. CapEx, we always said we want to focus more in certain priorities. We are actually happy that the CapEx in percentage revenue is slightly up last year, that we used the opportunity to invest, especially as I outlined in connectivity related services in life and food. It was up from 4.4%-4.6%. We're aiming surely more in the higher 4% area, going forward to 2021 and the years ahead. Restructuring cost last year, CHF 84 million. Half of it is really related to sizable contracts, Uganda, Ghana, as I mentioned in my speech, where there's a breach of contract where we expect benefits from a claim in the midterm. These things will take time, but they are not direct, let's say, additional benefits, so to say. The other half, so the CHF 40 million plus, from this half is already kind of in the run rate, and the other CHF 20 million is incremental benefit. Going forward, under normal circumstances, I would say usually I would use CHF 20 million kind of restructuring cost normalized. For 2021, I would consider to make it a bit higher, maybe more to CHF 30 million, because while we already did some work in respect of the new organization, there's still some work to be done in the first quarter, which will lead to additional restructuring costs. I would use roughly CHF 30 million. Thank you very much, Dominik. Great. That's great. Thank you. Thank you. Next on the call, we have Sylvia Barker from JP Morgan. Please go ahead, Sylvia. Thanks. Hi, everyone. I'll speak to the two as well. May I just think about the vaccine and PPE contribution in 2020. Yes, you have previously commented that the vaccine revenue was expected to be in the low tens of millions. Are we right in thinking that the two together or maybe, I don't know, 1.5%, 2% in terms of the contribution to growth last year? Secondly, thinking about China, could you maybe just tell us kind of roughly what the growth rates have been in China kind of exiting 2020? You already started to be hit by lockdowns and stoppage of activities last year at this point, so maybe just any thoughts on the ground, what you're seeing now in January as well? Thank you. If I understand this right, how much vaccines and PPE together contributed, so your estimate a bit more than 1% is very good. We're not disclosing growth rates by country, but of course, China had its lockdown in February, recovered very quickly, went back to growth in April, and then accelerated throughout the summer months, several months, double-digit growth kind of helped by PPE. The recent trends is, let's say, mid-single digit growth, which we so far experienced. Yeah. Maybe I can add that you have this year Chinese New Year in the month of February. Month of February. Yeah. We can just see how this evolve. China also has some pocket of infections that do disturb from time to time our operations. All that will need to be managed on the week-by-week, month-by-month basis to see where we're heading. Okay. Thank you very much. Thank you very much. Maybe just a follow-up if Toby allows. Maybe not. Just around the mid-single digits in China, any comment on export versus import within that? The domestic is stronger. Sorry. I mean export versus domestic supplement. Yeah, sorry. Domestic is stronger. Thank you. Okay. Thank you. The next person we have on the line is Simon from Stifel. Please go ahead, Simon. Yes. Good afternoon. Thanks, Toby. First of all, just on M&A, any comment on how your pipeline looks like right now? That would be very cool. Secondly, on working capital, how should we think about the dynamic for 2021? On the M&A, as Frankie mentioned also in his summary and outlook statement, we are very committed to invest in M&A, especially in our strategic priorities. We have, I would call it a solid pipeline of opportunities where we're focusing on. As you know, in this business, sometimes it takes a bit more time, but in general, we are confident that we can announce more deals. On working capital, obviously, when you have revenue decline, it's for the working capital, technically also helpful. To be fair, we also did structural improvements. For example, DSO on a recurring basis went down. You should expect some outflow in 2021, but relatively to prior years, in such a situation, it will be somewhat lower. Thank you very much. Thank you very much. Next on the call, we have David Roux from Bank of America. Please go ahead, David. Good day, everyone. I've just got one question actually around remotes or digital solutions. There's an example mentioned in your release that sort of over 50% of GIS services were conducted remotely in 2020. I'd be interested to understand, at a group level, how much are remote or digital services contributing to revenue currently in 2020, and what is the sort of comparison in 2019? Thank you Sorry, I was going to add that it was 50% of eligible GIS inspections, and that means that if it didn't require physical inspection, so it's not all GIS inspections. Frankie, please go ahead. No, sorry, I was exactly what to say. What we refer to remote activities, whether it is inspection, auditing, or consulting, is really all the segment of our activities where a physical presence could be substituted by the technology to help to review. Typically, for the inspection side is consignment that is more focused on assortment, the labeling of packaging more than anything else. When it comes to technical review is more complex because you will have to have someone that is looking at the technicality of the product, so the remote inspection is not yet possible. I would say, when Toby mentioned 50% of eligible services is basically the portfolio of activities that we are looking at is really pushing into our remote audit and acceptance by our customers is becoming higher and higher. Those solutions existed for a couple of years now already. Before that, our customers was not keen on using them. With the COVID restrictions, the adoption gone up quite significantly. I don't have the numbers for the total eligible, as I said, auditing, inspection, and consulting, but I would say the growth is quite significant. From 2020- 2019 is quite significant. I don't have the number, I'm sorry. Okay, thank you. That's fine. Thank you. Okay. Thank you for your question, David. Next is Ed Stanley from Morgan Stanley. Please go ahead, Ed. Thank you. I've got a couple, please. On slide 21, when you're talking about the EVA management and you showed 29% critical focus. I appreciate that you can't give much of a guidance on margin. It sounds like you've got a plan for that 29%. I'm just wondering how much. Yeah Upside potential there is on the margin from dealing with those businesses this coming year. The second question, semiconductors is something you are specifically flagging in your mega trends and given you are the leader in Taiwan and global supply shortages seem to be leaning on Taiwan to fill the gap. Is there anything interesting you are seeing in that space in the supply or demand imbalance, or is that not really your issue? Let me start, Ed, with the critical focus list. There is obviously upside, but you need to consider this 29% represent less than 2% of group revenues. Even though if they do better, the group impact will be very low given the fact that they are rather small businesses. For the semiconductor industry, the global trade imbalance is something that is not hitting us that significantly because we're really basically working with the semiconductor manufacturer in Taiwan, in China, mainly are more links to their production capacities, and what is disturbing them. I would say it has an incidence, depending on how our customers is impacted, but very often we are not also linked necessary to the volume itself very often. It's more for some of the R&D work and other things. On that aspect, as well as some of the R&D activities and some of the production activity goes on, we may not have the one-to-one impact in term of their volumes and the supply chain issues. Thank you very much. Thank you. Next we have Neil Tyler from Redburn. Please go ahead, Neil. Yeah. Thank you, Toby. Good afternoon, Frankie, Dominik. My question's on the outlook statement, which the point on return on capital now excludes M&A from your ambitions. The question really is, does this change reflect materially greater M&A ambitions, higher multiples, or a bit of both? When you're monitoring that target on an ongoing basis, as these acquisitions are integrated into the business, for how long are you able to actually strip those out, and monitor the underlying? Do they come back in after 12 months? How do you go about that? That's the questions or two parts of the same question, please. First of all, we showing the return on invested capital basically for the whole portfolio. Obviously, especially, in a case like for example, the A&S division of SYNLAB, this business will be completely integrated, right? It's already challenging to give for 12 months the organic growth rate because you start to integrate. It's possible for 12 months, but afterwards, it should be not possible because otherwise it would be not integrated. When this time, did a statement about the SYNLAB impact is more the fact related to the point that, if you now look to 2020, the only thing what is part of the year-end is the balance sheet of SYNLAB, because we acquired the company on the 31st of December. You have the balance sheet in, you have no profit in because no profit are consolidated, and that's the reason why we show here also without it. We will show the whole thing in combination. Historically, as we had, of course, also very high ROIC. It was partly also because of not having a lot of M&A, so to say. Obviously, when we had whatever, 25%, 26% ROIC, if you start to make M&A, just technically the number will come somewhat down. We rather looking when we assessing assets how much time they give this asset to become EVA positive, and then it's the right investment, yeah. Continue to focus then with the synergies to get the ROICs accordingly up. The mix effect will definitely change. If you make more M&A, the implied ROIC is somewhat lower. Thanks very much. Thank you. That's very helpful. Then next, we have Rajesh Kumar from HSBC. Please go ahead, Rajesh. Hi, good afternoon. Thanks for taking the questions. First one is, can you talk us through the working capital improvement you have achieved this year in terms of what is driving that, and is it just the payable side or payables and receivables both? The second is a related one. When we look at last year, if I recall correctly, you had taken a write-down for receivables. Given the improvement in working capital, can you give us the improvement in such write-downs year-over-year? If we look to it, the major on a year-over-year comparison is a lot the AR side. Obviously, we had also revenue decline throughout the year. Yes, towards December it was growth, but the month before was declining. It had some impact, let's say positive impact on the working capital. Secondly, and I think that's the key point that we had very strong cash collection, and with this we reduced the DSO. It's really the key driver on this part. I think it has a lot to do also with the EVA performance management that people focusing on it. What we did in terms of centralizing the collection and implementing IT tools to collect better. We also benefited in, for certain businesses, we had client advances, yeah. Where the client paid upfront for certain services. These are the kind of main drivers in that respect. When it comes to your second question related to the impact of basically, I would say, bad debt accruals, as I mentioned at the first question when Andy was asking the margin walk, that of course had also a very positive impact. As I said, that roughly 40 basis points of the margin for last year was related to lower bad debt expenses. That's not only related to one or the other of these accounts. That's also underlying improvement. Understood, sir. Is it improvement in bad debt or are there any provision reversals as well, which we need to talk about? No, there were no reversals. It was just very low bad debt expenses. Thank you very much. Thank you very much. Next on the call we have Julien Fouché from SocGen. Please go ahead, Julien. Thank you, Toby. Good afternoon. Just one, if I may. Part of the margin improvement has been driven by additional measures taken in 2020 due to the pandemic. Could you give us more color on these additional measures? More importantly, are there any costs that should be back in 2021? Thank you. There are, of course, a lot of individual measures and what all the units and all the local organization implemented, yeah. If you look, for example, overtime expenses are materially down in a year like last year. If you look to usage of flexible workforce went massively down because you use flexible workforce like insurance and when it comes tough, you let these people go, right? Obviously in certain jurisdiction we had subsidies. There are several things. Bonus payments of course, are down. While we had strong financial performance, we obviously not hitting our internal budget, yeah. These combination had the impact. Travel costs, not surprisingly, materially down. Obviously, as business recovers, some of them will come back, yeah, for sure. Okay, thank you. Thanks very much. Next we have JP from Vontobel. Please go ahead, JP. Maybe we don't. Could we move to the next question, please? That's from George Gregory from Exane BNP. George, please go ahead. Thanks, Toby. First question relates to the restructuring costs in Ghana and Uganda. Dominik, I wondered if you could just elaborate on what exactly those costs represented, and if they had any discernible impact on the GIS margin, please. Secondly, working capital, I appreciate that there are lots of moving pieces which you already articulated. Looking structurally at the way you expect your business mix to evolve, would you expect the working capital position as a percentage of sales to trend in any particular direction over the next few years, please? Thanks. If we look to these two contracts, first of all, the Ghana contract, this is a single window contract which we had for several years, very successfully. The contract was supposed still to run, but the government basically has taken the decision to take it away from us, which is a breach of the contract with a short notice. Again, it's a breach of a contract, and we did all our obligation to full satisfaction, and therefore we had to close down the whole operation, which amongst others, means severance costs, but also write-down of assets. We raised a claim against the government of Ghana. It's a very strong case, but these things, of course, take a couple of years. That's one contract. The other one is vehicle inspection testing in Uganda. A contract from some years ago, where we invested significantly in assets based on the agreement with the government. The government never enforced the contract, so basically we had the asset there, we had the people there, but were never able or only to a very small extent to provide our service, which is a breach of a contract. In the first years, it was not allowed that we can give notice even not for breach. Now we can do this. Basically, we stopped the contract and send a letter to the government that they are in breach of it. This is basically complete asset write-down. What's the impact on revenue? The impact on revenue of those contracts, again, Uganda is not really because it was more the asset. Revenues of this contract in 2020 was still around CHF 10 million, but with a loss, because of the assets, of the underlying depreciation in Uganda, but it was more significant in the prior years. In the prior year, in 2019, the Ghana contract was still running. We were more in the mid-20s with good profitability. You don't have to expect now a negative impact on profits because this is already kind of in the results of 2020, right? Thank you. The second question. Sorry, your second question. First of all, one of. Excuse me. I think in general, SGS historically was always very strong in working capital and the argument was below 2% is the right number. Often the company was beating this, and I think this was the right number. Now, I think what we did on the structural side, on the AR side with DSO improving, I feel very committed to be below 1% in the midterm. Good. That was very clear. Thank you. Thanks, Dominik. Next, should we try JP again from Vontobel? JP, if you can hear us, please go ahead. Can you hear me now? Can you hear me? Hello? Yes. Hello. Can you hear me? Yeah. Very good. Thanks, JP. Thanks a lot. The first one is on sustainability. I think, Frank, you were mentioning that it is now included in the CBE or originally in the CBE. If you can share with us how much or how many sales you are now generating with sustainability projects, and how do you see that evolving in future? Are you eager to participate to some of the auditing or certification of some larger companies, which wants to be financials to be audited on E, S, and G? The second one would be on this new organization. Is this just a reshuffling of the organizational structure, or are you expecting some synergies, both in terms of sales and costs? For the sustainability services, for the time being, we are more in the traditional sustainability auditing kind of activities or social audit in general for CBE. I would say the revenue is rather small. The objective is to start to enhance the portfolio with much more audit programs that links to the ESG field, whether it is financial or it is corporate. This is more the newer sectors. I like to remind that in the SGS group, a lot of the services that we're already offering is also linked to part of the sustainability environment, whether it is recycling, circular economy or all those activities. Recycling is a good example. We have contract in the mineral sectors where we help companies to recycle the specific minerals out of batteries and so on. These are also sustainability services that we're already offering, but they are not really part of the CBE portfolio for the time being because they are quite specialized into a technical aspect. I would say the group in general has quite a lot of services into sustainability. The more specific to CBE that I mentioned will be a development that we'll be doing in 2021 together with the new strategic program. It's a vast market. We have more or less the background work done. It's just a question of go to market and expand our footprints. The second question was? Your organization. Kind of benefits are you- We'll talk more about that in the investors day, but by and large, there will be reorganization, refocus on specific segments. I believe that at the industrial level, there are synergy across the customer base. Natural Resources is a good example. Likewise, Natural Resources is also a good example. In the operational aspect, there is synergy between some of inspection. Fertilizer is a good example. Some of the know-how from one team could be reused for the other. There will be both end of the spectrum benefit that will be optimized and work out during the course of 2021. Thank you very much. Next we have Daniel Bürki from ZKB. Daniel, please go ahead. Thank you. Good afternoon. I would have a question regarding your M&A strategy. How much more additional debt would you put to your balance sheet? What figures would you be comfortable with? We don't have official guidance on net debt to EBITDA. We always want to have a good investment grade rating. If a good investment grade rating, you could easily add the building and it is pretty good. From this point of view, there is quite some opportunity there and it needs to be also put in perspective. It's also not that we debt now every quarter a deal like the A&S division of SYNLAB comes to the market, right? There will be maybe other deals who are size-wise a bit smaller in terms of enterprise value. Again, we are committed to have a good investment grade rating, and with this we have sufficient capacity to do acquisitions if we find the right targets for the right price. Thank you. Very clear. Thank you. We have Rory McKenzie next from UBS. Rory, please go ahead. Afternoon. Thanks for taking my questions. Firstly, just wanted to ask about the customer behavior around maybe deferred inspection services during the restrictions. Just looking at EHS, CBE, maybe the recovery through H2 was a little bit slower than we expected. Can you comment on how much revenue or services have still been deferred and we might see a catch up, or whether you think the majority of that lost revenue is indeed now lost? Secondly, also on the new divisional structure. Appreciate it's a big internal decision, but obviously for us on the outside, and that does mean we'll lose some external visibility on trends. Just wondering if you expect to report sub-divisional trends within that or could explain some of the thinking around those groupings. For example, breaking up GIS which has been kind of a standalone division going back to about 2000. Yeah, just interested to see why you thought that was better suited to fit into other places. Thank you. Maybe I answer the last part of the questions. We will try to provide as much transparency as possible. At the end of the day, if there's a logic for us to integrate part of GIS that you took as an example into some of the activities with one of the larger divisions because we can create synergy and it makes sense from both the customer's perspective and/or the operational perspective, then we will integrate because it will make sense for the value creation of the company. If they are more independent than we need because they're small unit and we needed to put it underneath a specific business lines to help the management, then we will certainly report them separately. I think it's fair that we should be transparent about a lot of those sectors. It is not yet defined. We're still in the process of working on some of the details, but what is clear that we try to keep as much as we can comparable for you to be able to look at in the evolutions. Again, with the comment that if we start to integrate because it makes sense and it's too complex for us to start to split it just for reporting purpose, we'll not do it. Regarding EHS. Obviously our EHS business has a lot of field activities, and these field activities are still in certain jurisdiction challenging given the COVID situation, given the second lockdown. If you're about industrial hygiene, it's still very challenging. What we're seeing definitely is that the lab testing is picking up, especially Asia and Europe. This is now not a business where I had a bit of feeling your question was related, is there still work to be done which was not done in the first half? It's not something like a certification where a client wants to make the certification this year. If you think about vehicle inspection, that people have to inspect the car. This is not the kind of business. What we're seeing is the lab testing is improving. Other areas, more field-related is still somewhat challenging in the EHS. Okay. Thank you very much. Thank you. Thank you very much. Our final question is, we have one person who's come back to join the queue. Paul Sullivan from Barclays, you can finish this off and then we're done. Thank you. Yeah, I'm just trying to catch a trend here. It's a couple of sort of unrelated ESG questions. Just firstly, on China, can you assure us that you don't undertake work either directly or perhaps more importantly, indirectly from companies that operate in the Xinjiang region of China? How do you avoid conflicts like that more generally? Secondly, you've done quite a big OC reshuffle, but there are still no female OC members. I don't know whether you could comment on that, please. Yes. On the second questions, I do understand fully that diversity, gender diversity on your specific question is an important aspect. As a group, we also believe that the merit is also something that is critical. I think one of our philosophy, because we did have female colleagues on the ops council in the past, and our view is that to some extent, setting quota or setting a requirement for the ops council without considering merit may not be doing a favor to our female colleagues to join the ops council, because nobody wants to be there because there was a number set. I would say it is something that I'm looking at. It is something that is important for the group. There are the right opportunities with the right person, with the right process, we'll have a more diverse Operations Council with certainly more female colleagues on it. We're looking at the different opportunity. We're more looking at trying to get an equal opportunity for male and female senior management to go into the interview process and at the end of the day, that we go through the merit process when we come to the last hurdle. This is between more the philosophy. It's not on purpose that we don't have female, but it is just the evolutions, but the evolution could change in the next couple of years, I would say, to the better. Except Xinjiang, how we can ensure that sub-suppliers? For the last time I checked, we don't do. I would have to double-check again, but we gave clear instructions that we should avoid any conflict or any sanctions or so on. I would say I'm not too concerned about this particular point. Okay. Thank you very much. Thank you very much. I think that. Thank you, Paul. That brings the Q&A session and the call to an end. Thank you very much for participating, and we all look forward to speaking to you again shortly. Good afternoon. Thank you very much. Goodbye. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.