Ladies and gentlemen, as Chairman of the Supervisory Board of Covestro AG, and therefore as Chairman of this meeting, I would like to hereby officially open the 6th Ordinary AGM of our company and welcome you on behalf of the Supervisory Board and the Board of Management to the AGM. This 6th AGM of our company is, at the same time, the 2nd Virtual AGM of Covestro AG. The coronavirus pandemic is continuing to determine human interaction. Unfortunately, hopes that the pandemic and thus the restrictions would have been overcome by this spring have not been fulfilled. Major events such as an AGM are still not possible. Against that backdrop, the Board of Management of the company, with the agreement of the Supervisory Board, has decided that the AGM in 2021 would be held according to the rules of the COVID-19 Measures Act in the version from the 22nd of December 2020 as a purely virtual AGM without the physical presence of shareholders or their proxies. As was the case last year, shareholders can exercise their rights electronically. The AGM is being streamed on Covestro's investor portal and also for the public on the internet in its entire length. Ladies and gentlemen, it is important for me to add that the Board of Management and Supervisory Board really do appreciate a dialogue with you and that the format of a virtual AGM offers, unfortunately, just restricted opportunities for such a dialogue. In order to ensure that your questions can be asked of the company and answered completely based on current information, the speeches of the CEO and the CFO have, for the first time, been published on the company's homepage prior to the one week prior to the AGM. This year, you've been able to submit your questions ahead of time, and we will be answering these during the course of the AGM again. Ladies and gentlemen, after these preliminary remarks, I would now like to move on to the formal matters for this virtual AGM, which are different from those of an AGM held in the normal format. First of all, I would like to state that the convocation of today's virtual AGM was published in the Federal Gazette dated the 4th of March 2021, together with the agenda and the proposed resolutions that were submitted by the Board of Management and the Supervisory Board in the proper form and within the time prescribed. Since then, all of the obligatory documents and information have been available and accessible on Covestro AG's homepage, and these documents will remain available there for the entire duration of this virtual AGM. One copy of each and every piece of the obligatory materials is in the meeting room here today with Dr. Marc Hermanns, whose official office is in Cologne. He's our notary, and he's taking the minutes of today's AGM as in years past. Dr. Hermanns is next to me here, and of course, he is at the mandatory distance, and I'd also like to welcome him very warmly. The Board of Management of Covestro AG is present here today on site. I'd like to welcome very warmly the CEO, Dr. Markus Steilemann, Dr. Thomas Toepfer, the CFO and Labor Director of the company, Dr. Klaus Schäfer, Board of Management member for Technology and Production, and Ms. Sucheta Govil, our Board of Management member responsible for innovation, sales, and marketing. At this juncture, I'd like to already point out that later on, Ms. Govil has got to go to a different appointment, and for this reason, unfortunately, she will be obliged to leave the AGM at 12:45 P.M., and I hope you have understanding for this. We have next to me from the Supervisory Board also Professor Rolf Nonnenmacher. He is the Deputy Chairman of this meeting. The other members of the Supervisory Board are participating virtually in the AGM by means of a two-way video and audio transmission. If need be, they can exchange views with each other and contact us, the people here up on stage. This virtual participation of the Supervisory Board in the AGM is also due to the particular circumstances in the context of the coronavirus pandemic, and it helps us to keep the amount of personal contacts as low as possible. Ladies and gentlemen, of course, we are going to be keeping, as is prescribed by law, a list of participants at our AGM, and this includes the proxies of the company here in the room, as well as the shareholders represented by them with their different numbers of shares that these people hold. I would now like to tell you what the official attendance is. Currently, it is based on the current figures from the list of participants of the share capital, registered share capital of the company of EUR 193,200,000 divided into 121,254,412 shares, non-par value shares are represented, and that same number of votes. This corresponds to 62.76% of the registered share capital. In addition to that, we have received ballots by mail for 112,787 non-par value shares, and as a result, we have here represented 121,367,199 non-par value shares, which corresponds to 62.82% of the registered share value of the company. Ladies and gentlemen, of course, for our virtual AGM too, as is required by law, oh, sorry, the list of participants is here in the meeting room and is constantly being updated if necessary. I will be announcing to you the attendance later on again. When I began, I already mentioned the subject of questions. The shareholders that registered in due time and in due form were able to submit questions to the AGM via our investor portal ahead of time, and as of the deadline of last Wednesday, the 14th of April 2021, this was possible. We have received a total of 88 questions from 10 different people, and I'm happy that so many questions have been submitted by so many different people, which expressed the interest in our company and our virtual AGM. These questions will all be answered after the speeches from the Board of Management members and a report from the Supervisory Board. We will be answering your questions in order of the people who submitted them and provided that they have clearly submitted their acceptance of having their name published. We will do that too. We will be answering all of these questions just as comprehensively as we would at a normal face-to-face AGM because it's important for us, for you, our shareholders, to receive all the necessary information to make well-informed decisions today about the agenda and our proposed resolutions. And in this way, we want to be as close as possible to the dialogue we would have at a normal physical AGM. In addition to that, the shareholders that have submitted their votes in due time and in due form have been able to exercise their voting rights by appointing proxies or submitting them by mail. And during the course of the AGM too, it is still possible to go to the investor portal at the homepage of the company to submit your vote in writing or to submit voting instructions if you wish. And both of these will be possible until the Board of Management has answered all of the previously submitted questions from shareholders, and we then move on to the voting. And at that point in time, I will expressly, once again, point out that that will be the last opportunity to electronically submit a vote or voting instructions. But I would already like to call upon you to submit your votes early enough. Information on exercising your voting rights can be found in the convocation to the AGM and on the homepage of the company. And finally, I'd like to note that no one has requested any additions to the AGM, and we have not received any counter-motions either. So those were the formal matters. Ladies and gentlemen, before we move on to the rest of the agenda, allow me briefly to look back on last year from the point of view of the Supervisory Board. 2020 was shaped by the coronavirus pandemic. As a result, it was a trying year for all of us. There were the health challenges, and above all, in addition to that, there were many uncertainties and restrictions, and in businesses, this, of course, entailed collapsing markets. In the first half of the year, this had a major impact on Covestro too, but the Board of Management reacted prudently and quickly. They took the appropriate measures in order to rise to the challenges they faced. First of all, it was about ensuring the safety of our employees and maintaining production operations of the company and our supply chain. What was always important was to ensure that the company could continue to act and operate as a company because, despite all difficulties, last year, there were some important strategic decisions made to set the course for the future. The Board of Management announced a long-term vision for the company, and on the basis of that, it is realigning the strategy for the group. And in 2020, Covestro closed on a major acquisition and, first of all, agreed on it and closed a major acquisition. These measures taken have meant that 2020 for Covestro was a successful one despite the burden from the pandemic. You, ladies and gentlemen, shareholders, we want you to be able to benefit from this success, and therefore, the Board of Management and Supervisory Board are proposing today to pay out a dividend of EUR 1.30, and this will be decided on when we get to item two on the agenda. EUR 1.30 means that the dividend is EUR 0.10 higher than it was in 2020, and this dividend corresponds to a payout ratio of 55% of the net earnings of the company. The Board of Management also has established a new basis for its dividend policy. The objective is to create a stronger link to the overall economic situation of the company and, of course, to ensure that we can, in the future too, pay out an attractive dividend. In their speeches, the CEO, Markus Steilemann, and the CFO, Dr. Thomas Toepfer will go into the details of these aspects that I just mentioned. Ladies and gentlemen, now we will move on to the agenda that was published in the invitation, in the convocation. We'll begin with items one and then two on the agenda. They are regarding the annual financial statements and reports and the appropriation of net earnings. Ladies and gentlemen, and on that note, I'd like to hand over to the CEO of Covestro AG, Dr. Markus Steilemann. Meine sehr geehrten Damen und Herren, liebe Ladies and gentlemen, dear shareholders. On behalf of the Board of Management of Covestro AG, I would like to warmly welcome you to our annual general meeting. Just like last year, we are holding a virtual meeting once again. There is no longer anything unusual about such meetings. Virtual communication has been a fixed part of our lives for more than a year now, and that includes Covestro. The way that we communicate has changed, as has the way we work. We have focused even more intensely on digital solutions and applied them as rapidly as possible around the world, and we have implemented them, as I said, as rapidly as possible. In this process, our team has become an even more tightly knit unit. We also took another step forward in terms of digitalization during this period. At the same time, a pioneer of digitalization has set us an incomparably greater task: how to avoid. We want to make the world a brighter place. This is our commitment, and it is a commitment from which even the coronavirus pandemic has not been able to deter us. Our vision is clear: we will be fully circular, and we intend to be a pioneer on this path. Today, our production is largely based on fossil raw materials. We are determined to change this. In order to do so, we are replacing raw materials such as coal with more sustainable alternatives. Wherever possible, we are already doing this today. Innovative chemical recycling is closely related to this process. Our vision is ambitious, and it is technologically demanding. This is why we are working very closely with partners and customers, and the alliance extends well beyond our own industry. We are jointly devising new sustainable business models, and we are making technologies usable on a broad basis. By doing so, we will accelerate our efforts to become fully circular. Moreover, our production is energy-intensive. This is why we are dependent on renewable energies. To achieve our vision, we are driving forward the turnaround in energy policy. We use sustainable energy sources wherever possible. As part of this effort, we will cover a significant amount of our power needs in Germany with offshore wind power. We took a step towards this by signing a long-term agreement with the energy provider Ørsted in December 2019, and we are now also making the transition to renewable energies at our production operation in Antwerp. Since April the 1st, 2021, we have been sourcing around 45% of our power needs in that location with wind energy. This is how we are reducing Covestro's carbon footprint in Belgium by more than 38,500 metric tons of CO2. This is roughly the amount of emissions that 20,000 cars produce in one year. We firmly believe one thing: by taking such steps, we are generating significant momentum that will lead to more sustainable industrial production. Ladies and gentlemen, sustainable growth is one of our core goals. One further example of this commitment is the acquisition of the Resins & Functional Materials business, or RFM for short, from DSM last December. We successfully completed this transaction on April the 1st of this year. We are now one of the world's market leaders when it comes to sustainable coating resins. This acquisition enabled us to reach a key milestone in the implementation of our strategy, and we were able to do so despite all of the challenges posed by the coronavirus pandemic to our operating business last year. RFM is an ideal fit for us. The products and technologies perfectly complement the portfolio of our segment: Coatings, Adhesives, Specialties, or CAS for short. In total, RFM will contribute about € 1 billion to group sales. This acquisition will also enable us to expand the basis of our customer industries. At the same time, we will systematically expand our position in fast-growing markets. RFM has already pursued ambitious sustainability goals as part of DSM. Today, roughly 85% of its portfolio already consists of sustainable technologies. As a result, this transaction represents an important step on our way to more sustainable business practices. As of 2025, we expect to generate synergies totaling € 120 million annually. The acquisition price of around € 1.6 billion thus represents 5.7 times RFM's EBITDA after synergies. This means the acquisition is very attractive in financial terms as well. But our RFM acquisition was by no means our only major development in 2020. I'd like to give you a few more examples. Let's look at the use of CO2 as a raw material. This development is a critical step in our effort to create circular processes. Last year, in Shanghai, we laid a sidewalk made of our CO2-based material, cardyon, for the first time. This material reduces the use of crude oil during production by up to one-fifth, and it can be used in a wide range of areas as well, including the production of mattresses and upholstered furniture, as well as car interiors. We also made new strides in our work with artificial intelligence. We intend to use digital technologies to increase our company's efficiency and to make it more sustainable. One example of these efforts is the partnership which Google and Covestro initiated in the area of quantum computing. Together, we are further developing this technology to use it to solve chemical challenges. This will mean significant time savings, reduced use of resources, and more efficient and environmentally conscious processes. We have already achieved some major successes with such strategic partnerships. One of the first partnerships that come to mind is our alliance with Neste and Borealis. Together, we are working on replacing fossil raw materials with sustainable materials, and we are doing so successfully. Today, we can use certified mass-balanced raw materials to produce polycarbonates. Renewable raw materials are allocated to selected end products, thus facilitating the creation of a wide range of sustainable products. We reached an important milestone in production as well. Since October 2020, we have been successfully operating a pilot facility in Brunsbüttel based on our new AdiP technology. This technology has eliminated the need for an external heat supply during reaction control, and this helps lower the CO2 emissions of our production facilities there. In Brunsbüttel, we are optimizing technology from Germany for the world. This will massively improve the energy efficiency of our production. Our awareness for the environment is continually expanding in every area of our lives. Our customers are also demanding more sustainability. Policy initiatives like the European Green Deal are pointing the way. But it's clear CO2 emissions must decline. With our technologies, we are well prepared for this development. We are actively lowering the CO2 emissions of our production facilities. We are also improving the carbon footprint of our value chains. We thus have the answers we need to become a pioneer in the chemical industry. Regardless of our long-term goals, I can say that the year 2020 was dominated above all by the coronavirus pandemic. We took fast and decisive measures after the virus broke out. The health of our employees is and always will be our highest priority. Most of our administrative staff works remotely. This is not always an option in production. For this reason, we acted very quickly and implemented a wide range of hygiene and protective measures here. One of these measures was issuing additional personal protection equipment to employees. We also minimized the contact points between individual work shifts in production. Furthermore, we are now providing employees with a self-test at our German locations. And of course, we are supporting the German government's vaccination campaign as well. We want to offer voluntary and free immunization shots to our employees in Germany and to make use of our infrastructure and medical facilities for this purpose. There is, of course, an essential prerequisite for this: sufficient supplies of vaccine, not only for our workforce in the plants but also for the general population. And the necessary political framework must have been created. We have also actively managed our supply chains. Thanks to this, we have been able to reliably supply our customers. We faced broad economic uncertainties, particularly at the beginning of the pandemic. It was thus even more important to maintain our ability to act at any time. One key factor was strengthening our liquidity position. We introduced a wide range of financing measures to achieve this goal. On December the 31st, 2020, Covestro had an exceptionally strong liquidity position of EUR 2.5 billion. We also created a strong liquidity reserve with our EUR 2.5 billion syndicated credit facility. We link our financing measures to sustainability criteria wherever possible. The reason for this is clear: our vision is the foundation of each entrepreneurial decision we make. Thomas Toepfer will take a detailed look at this in a few minutes. At this point, I would like to highlight one liquidity safeguarding measure in particular because it impressively reflects our We Are One culture. In the spring of 2020, a time when the first pandemic was cresting, the economic outlook for the year appeared to be bleak. We agreed with employee representatives on a special act of solidarity, a voluntary cut in wages and salaries that was combined with reduced working hours. The result: 96% of the company's workforce in Germany, including the Board of Management and Supervisory Board, took part in the program. Our colleagues at international Covestro locations devised similar country-specific measures of their own. The level of wage and salary cuts varied. The fixed portion of remuneration paid to members of the Board of Management and the Supervisory Board was reduced by 15% for six months. The compensation of employees was reduced less on a staggered basis. We have not used the German government's temporary unemployment program or any other government support at any time, and our measures succeeded as well. In December 2020, we were able to reward all individuals who took part in the program by making bonus payments that equaled the total amount of wages and salaries that each individual had given up. In other words, they earned the same amount of money for less work. This is tremendous proof of our company's team spirit, and a special word of thanks goes to all employees who did such exceptional work last year. All of these measures were very successful. This becomes particularly clear when you compare our results with the pre-corona guidance we issued at the beginning of 2020. The pandemic slammed the brakes on global industrial production in 2020. We, too, experienced declines in core volume growth. This is largely the result of our performance in the first half of 2020. During this time, our business was massively affected by the pandemic worldwide. Beginning in the third quarter, demand rebounded strongly, and it did so in all customer industries and regions. Nevertheless, we generated our strongest quarterly performance in the past two years during the fourth quarter. Our group sales totaled EUR 10.7 billion. This total fell within the range that analysts had expected under pandemic conditions. More important for us is what we ourselves could control better. Before the pandemic, we guided an EBITDA of EUR 1 billion to EUR 1.5 billion, and we generated EUR 1.5 billion despite the pandemic. This clearly shows one thing: we took the right steps. We significantly exceeded our pre-corona guidance for Free Operating Cash Flow with a total of EUR 530 million. At 7%, our Return on Capital Employed also finished the year at the upper end of the guidance that we originally issued for 2020. When you add it all together, you can say that we responded quickly and correctly to the crisis. We retained our ability to act at all times, and we delivered strong results. I would now like to turn the floor over to Thomas Toepfer. He will provide you with a detailed look at the results of the past fiscal year. Thomas, the floor is yours. Thank you very much, Markus. Dear shareholders, I, too, would like to welcome you to our virtual annual general meeting. It's a great pleasure for me to present the results for fiscal year 2020 to you. Let's start by looking at the development of our core volumes. You can see that the pandemic had a negative effect in all regions. Core volumes declined everywhere by 4.4% in the Asia-Pacific region, by 6.4% in North America, and by 6.2% in Europe. Overall, core volumes fell by 5.6%. But global demand for our products rebounded strongly in the second half of the year. In Europe, we began to grow again in the third quarter year on year. North America also picked up considerable steam in the fourth quarter year on year. In China, we even returned to the growth path starting in the second quarter. We also generated growth in some sales industries during fiscal 2020 in spite of corona. These sectors included the construction industry in Asia, the electronics industry in Europe, and the furniture and wood industries in the United States. This shows that demand for our products remains high, and it remains so even during a global pandemic. The economic downturn we experienced in the first half of the year initially created challenges for us, just as it did for all companies. Bolstering our liquidity position was a critical success factor for us in this situation. We needed to take this step to preserve our ability to act. This relates, for example, to procurement, travel expenses, and lower CapEx budget. We originally planned to lower costs by EUR 200 million in 2020. We raised the goal significantly and achieved savings of EUR 360 million by the time the year ended. We also profited from long-term structural measures. We continue to consistently implement our ongoing efficiency and effectiveness program Perspective and successfully completed it ahead of schedule at the end of the year. By streamlining our standard business, we lowered costs by an additional EUR 130 million in 2020, and over the entire program, we generated cost savings of EUR 350 million as planned. Ladies and gentlemen, we reacted at the right time in the face of the pandemic. Our package of measures made a significant contribution to our strong performance. This package was bolstered by a turnaround in demand that began mid-year. This enabled us to return to our profit path or our growth path in the second half of the year. At approximately EUR 1.5 billion, our earnings almost reached the level seen in the previous year. It was an incredible success for such an unusual year. The largest negative effect in the EBITDA bridge is primarily attributable to the pandemic-related decline in sales volumes. You can see that on this chart. This had a total impact of EUR 400 million on our earnings. Exchange rate effects were slightly negative, as you can see, at EUR 26 million. The price delta was slightly positive during the entire year at EUR 132 million. The other items category had the largest positive effect on EBITDA. This area includes savings produced by short-term measures and our Perspective efficiency and effectiveness program that totaled EUR 350 million. Let's now turn to the balance sheet for fiscal 2020. Covestro is very solidly positioned. We strengthened our balance sheet last year, even as we grappled with the substantial strain caused by the coronavirus pandemic. We reduced our net debt by nearly EUR 500 million to about EUR 2.5 billion. Our leverage ratio also declined slightly year on year. It totaled 1.7 times our EBITDA at the end of the past fiscal year. At the same time, our equity ratio remained virtually stable at a solid level of 44%. This is also linked to our continued commitment to maintaining a solid investment-grade rating. At EUR 2.5 billion, Covestro has an exceptionally strong liquidity position. There are two primary reasons for this. First, strong free operating cash flow at the end of the year. And second, the capital increase we conducted in October 2020 to help refinance the RFM acquisition. As part of an accelerated placement process, we issued 10.2 million shares and generated gross proceeds of EUR 447 million. We used these proceeds to finance part of the RFM acquisition. We also successfully issued bonds with a total volume, and we also managed to make use of part of our authorized capital. And this is something that was done in the best interest of the company and the shareholders. In addition, in June of 2020, we also issued bonds totaling EUR 1 billion. This was a successful placement. Our strong liquidity position helped us, in particular, to maintain our ability to act at all times. Even in the face of the pressures caused by corona, we were able to carry out the acquisition of RFM and bring the deal to a successful conclusion shortly before Easter this year. The pandemic, however, is not over. Even if our business has rebounded strongly in the second half of the year, overall economic conditions remain uncertain. As a result, a strong liquidity position remains all the more important this year. Our syndicated line of credit totaling EUR 2.5 billion provides us with a robust liquidity reserve, which we can tap into whenever we need to. That brings us then to the issue of financing. Let me look at this issue now from a different perspective. Covestro is becoming fully circular. This is our vision. It guides us not just in our operating business. It really is the foundation of all our entrepreneurial activity. That is why we have also based the financing measures that we took last year on the circular economy and sustainability. Our syndicated credit line of EUR 2.4 billion is a good example of this approach. We linked it to an ESG rating. This means that the better we are at meeting the environmental, social, and governance standards underlying the rating, the better the interest rate component will be. In doing so, we will create further incentives for sustainable business development. The fact that we are already well positioned in these areas is also shown by the loan from the European Investment Bank for EUR 225 million. Loans issued by this bank are tied to the fulfillment of high technical and environmental standards, and we are investing the entire loan proceeds in sustainability-focused research projects. So, as you can see, our systematic focus on the circular economy steers the actions of each of our divisions. The tenfold oversubscription of the bond we issued in June of 2020 reflects investors' continued interest in our company. It was an impressive expression of the confidence that the investors have placed in the path we are following. Dear shareholders, we want you to participate in the success of our company and pay out an attractive dividend. That's tradition at Covestro, and we will continue to follow this tradition in the future, too. Today, we are proposing a dividend of EUR 1.30 per share. Despite corona, this recommendation exceeds the EUR 1.20 dividend per share that we paid in the previous year. We also plan to modify our dividend policy. In the future, we would like to distribute between 35% and 55% of our net income. This will enable us to react more flexibly to developments in our business and create a stronger link to the overall business situation at Covestro. In years with high earnings, we will tend to focus on the lower end of the scale while still paying high dividends. In challenging years, we will orient the payout on the higher end of the scale. By taking this approach, we will ensure that our investors always receive an attractive dividend. Our proposal for the past fiscal year amounts to a payout ratio of 55%. This puts us clearly at the upper end of the scale. Finally, let's take a look at our guidance for the year 2021, which we raised for our EBITDA, free operating cash flow, and ROCE, return on capital employed, on April 13, 2021. We have gained tremendous momentum since the second half of 2020, and we closed the fourth quarter very successfully. Also, we entered the new fiscal year with good impetus. That is why we expect strong core volume growth of 10%-15% for fiscal 2020. The RFM business will contribute six percentage points to this total. Overall, we will be able to more than offset the decreases caused by the pandemic, and we will exceed our core volumes from 2019. We now expect EBITDA to total between EUR 2.2-2.7 billion, in line with the adjustment we made this week. Here, too, we will exceed the pre-pandemic level of EUR 1.6 billion from 2019. We expect our return on capital employed to total between 12% and 17%, and we're striving to have free operating cash flow of EUR 1.3-EUR 1.8 billion. This represents a significant increase from 2019. Our outlook for the first half of 2021 is positive as a result. Preliminary EBITDA for the first quarter is EUR 743 million, a level that represents our strongest quarter in the last two and a half years. For the second quarter, we expect EBITDA of between EUR 730 and EUR 870 million. With this very positive outlook, I will now hand back over to Markus Steilemann. Vielen Dank, Thomas. Thank you so much. Ladies and gentlemen, shareholders. The past year was a challenging one for the world, for Germany, for Covestro. But we responded accordingly, and we brought this exceptional year to a successful conclusion. We reinforced our position of one of the world's leading chemical companies. We are proud of this achievement, but we will not rest on our laurels. The world will continue to change rapidly. Digitalization is certainly one good example of this. The coronavirus pandemic acted like an accelerant here last year. Sustainability and climate protection are two other examples that are worth mentioning as well. The pandemic has overshadowed their importance only temporarily. Climate change, environmental pollution, dwindling resources, these areas will remain the big challenges of our time. They will also have an impact on our customer and sales industries. I'm thinking here about such things as the growing importance of electromobility, about low-energy building techniques, and about structural changes in the energy industry. Climate and environmental protection affect us all. They are global challenges to which everybody should contribute a solution. With our high-performance products, we want to contribute to the solution. For this purpose, we are reducing our energy usage and the emissions generated during production, and we rely increasingly on sustainable raw materials. We are firmly convinced of one thing: the circular economy is a crucial part of the response to these global challenges. This is why we are moving resolutely forward. We will not stand still. We will respond to change, and we will position Covestro in the best possible way for the future. For this reason, we have realigned our strategy in recent months. The new strategy, called Sustainable Future, follows our vision. We will become fully circular. We are fostering a climate-neutral and resource-conserving economy. With the help of our circular products, we are working on ways to solve the pressing challenges of our times, and in doing so, we are paving the way for tomorrow. The new strategy consists of three chapters. In chapter one, we will become the best version of our company. We will create even more streamlined structures that will enable us to unleash our full potential. In chapter two, we will combine sustainability and efficiency. This means that we will systematically align investments and acquisitions with these goals. We will invest in attractive and sustainable market segments over the long term. However, sustainability is not the only criterion. We will also base our investments on clear profitability criteria. And by taking this approach, we will create the maximum level of value for Covestro and for you, our shareholders. Furthermore, we will explicitly base our research and development activities on sustainability. 80% of our development projects should be based on the United Nations' Sustainable Development Goals by the year 2025. We will also draw on these UN goals in our efforts to make our product portfolio even more sustainable. In the process, we will systematically foster sustainable growth. The third chapter covers our vision. We intend to do our part to accelerate the transformation to a climate-neutral and resource-conserving economy. The specific aim is to move completely away from fossil raw materials. This will apply, first of all, to electricity supply. We are working intensely to become a company that obtains 100% of its power from renewable energy. Production is a key lever in this effort as well. Over the long term, we will replace raw materials like crude oil with alternatives like biomass, CO2, or recycled waste materials. By taking such steps, we will close the carbon loop and move ever closer to achieving our goal of becoming climate-neutral. This is a goal that applies not only to Covestro, but also to our upstream and downstream value creation stages. We are making rapid progress in implementing our new strategy. We will reach one of our first major milestones this summer. As part of the first chapter of our strategy, we will tailor our businesses even more closely to the needs of individual markets and, above all, to the needs of our customers. What does that mean specifically? As of July the 1st, we will restore our organization, restructure our organization. We will realign our three business units into seven new business entities, and we will operate them along their own individual success factors. The new entities will be given more entrepreneurial responsibility. So, we will integrate all operational activities that are critical to success directly into the new units. Sales and production will also become part of the units' areas of responsibility. They will be able to provide their customers with the best possible support as a result. The new units will be divided into two large segments: Performance Materials on the one hand, and the Solutions & Specialties business on the other. In taking this step, we are moving with our customers. The requirements differ completely in both areas. In the Performance Materials area, we will reliably supply customers with high-quality standard chemicals at competitive prices. The willingness of customers to change suppliers in this area is high. This will mean two things. First, we will have to expand our global cost leadership. Second, we will have to ensure the availability of our products. Optimal utilization of our production facilities will be a key to this. On the other hand, we have the Solutions & Specialties business that involves complex products with a high level of innovation pressure. The needs of customers in this area are much more individual. We address them by offering tailored products and solutions. We draw on our technical expertise to facilitate the development and refinement of specialty products. Our new structure will enable us to do this even better. Instead of categorizing our products on the basis of their chemical composition, they will instead be clustered according to their specific customer requirements. This will enable us to become an even better partner for our customers and to become much more competitive. Let me conclude with a short summary. We demonstrated last year that Covestro can masterfully manage a crisis. But we will not simply be content with this. Not at all. We are actively setting the right course for the future. We are focusing even more strongly on our customers, and we are basing our processes and products even more closely to their needs. In taking this step, we are determined to become the best partner our customers could ever have. With our new strategy, we combine sustainability and efficiency. By investing in attractive and sustainable market segments, we are systematically fueling the development of a future-proof portfolio. As a result, we will generate long-term growth. With the help of our tailored structures, we will become significantly more effective and efficient. We will become the best version of who we are, and we will become even more competitive. In short, we are laying the optimal foundations to not only maintain our leading position, but also to expand it. In the process, we will remain, without a doubt, the driving force behind efforts to drive a circular economy. Ladies and gentlemen, we are pleased to have you at our side on this journey. Thank you for your attention. Ja, lieber Steilemann, lieber Toepfer. Hey, Mr. Steilemann, Mr. Toepfer, thank you for your reports. Ladies and gentlemen, on behalf of the Supervisory Board, and I believe also on behalf of all of you, I would like to express my thanks to the Board of Management members and all of the employees of the company. Our thanks and our appreciation for their great dedication and their performance. And I'd like to do this in particular against the backdrop of the special challenges faced in the past year in the context of the coronavirus pandemic. You have made essential decisions and taken essential measures and supported them not only to master the exceptional and challenging year 2020, but also to reorient the company for the future and position it correctly. Now, ladies and gentlemen, before I go on to the report from the Supervisory Board, I'd like to take this opportunity to point out that additional information on all of the current members of the Supervisory Board and their specific experience and knowledge, as well as to any other positions they might have in other companies, is available at the Covestro homepage and in the latest annual report. As you have been able to see in the invitation to the AGM, Ferdinando Falco Beccalli, a Supervisory Board member, has ended his position on the Supervisory Board as of today. And this means that at today's AGM, we must elect a new member of the Supervisory Board. But first of all, allow me to thank very warmly Mr. Beccalli for his work on the Supervisory Board in the past six years. Mr. Beccalli has accompanied Covestro from its very first year and has enriched the Supervisory Board, in particular with his knowledge of the industry and his management experience in the relevant plastics industry for Covestro. On behalf of the Supervisory Board, I'd like to thank Mr. Beccalli for his many years of work on the Supervisory Board and on the Nomination Committee for our cooperation in the spirit of trust and the many valuable discussions and for his dedication to our company. The Supervisory Board, on the basis of the recommendations of the Nomination Committee, is suggesting as a successor to Mr. Beccalli Ms. Lise Kingo as a candidate for this election. Lise Kingo has much experience and knowledge in areas which are essential for the challenges that Covestro is facing, and she provides an ideal complement to the expertise profile of our Supervisory Board. But let's allow Ms. Kingo to speak herself. She will introduce herself in a brief video that she has sent to us. My name is Lise Kingo, and I'm very excited to present myself to you for the election as a member of the Covestro Supervisory Board today. Currently, I'm living in Denmark, where I was born in 1961. Among other things, I'm an independent board director at Sanofi S.A. in France, and I have more than 30 years of work experience in driving sustainable business transformation. For example, with the Novo Nordisk company, where I was an executive vice president and member of the executive management team for more than 12 years, and in the Novozymes, where I was a director of environment, health, and safety. I have known Covestro for several years in my role as CEO and executive director of the United Nations Global Compact. Covestro was a very inspiring role model for how to integrate sustainability into business strategy and was awarded in 2018 as a leader in driving change in the entire plastics industry. So I would be honored to bring my expertise and experience to the Supervisory Board of Covestro and help take the company to the next level of implementing a fully circular business strategy guided by the sustainable development goals and show that a company can be even more future-proof, benefiting both planet, profit, and people by being very serious about combining business and sustainability. Thank you. Ja, liebe Aktionäre. Ladies and gentlemen, shareholders, we would be pleased if you were to support the election of Lise Kingo to the Supervisory Board. We are persuaded that Ms. Kingo is an outstanding choice for becoming a member of our Supervisory Board. With her expertise and her experience, in particular in the field of sustainable corporate development, she will be able to set some key signals and accompany Covestro on its path toward a complete alignment toward a circular economy. Allow me to briefly point out that further information about our candidate, Ms. Kingo, can be found in the convocation to the AGM that was published in the Federal Gazette and on our homepage. There you will also see that Ms. Kingo has been proposed for a term of office of four years instead of the maximum allowed by law of five years, which has been a rule and is also mentioned in Articles of Association. By doing it this way, we want to take into account the expectations, in particular, of institutional investors and the requirements of corporate governance. Ladies and gentlemen, now I'd like to move on to the report of the Supervisory Board. You will find it in this year's annual report on pages 22-28, and I would like to expressly point to those now. There you will see a more detailed report, and therefore today I'd like to be a little bit more briefer here. As has been mentioned several times, last year was shaped in particular by the coronavirus pandemic, and this, of course, posed many challenges for Covestro too. The management of the company reacted quickly, prudently, and decisively, and looking back, we can say in hindsight that the Board of Management did take the right measures in order to protect all of our employees, to maintain production operations and business activities, and thus to accompany and manage the company as best as possible through the pandemic. The Supervisory Board had regular exchanges of views with the Board of Management and was convinced of the effectiveness of the measures they took. In addition to that, Covestro made the decision to orient the company entirely toward a circular economy and to anchor this in its strategy, which is a key and major step in the future orientation of the company. And with the acquisition of RFM, the Resins and Functional Materials operations from the Dutch company DSM, Covestro has taken another further step for more long-term growth. On all of these decisions, the Supervisory Board accompanied the Board of Management very closely and has thus actively had an impact on securing the future of Covestro. And last year was a special year for the way the Supervisory Board worked too. The AGM 2020, of course, had to first of all be postponed, and then it had to be conducted virtually. At that AGM, the six representatives of the shareholders on the Supervisory Board were reelected. Only one Supervisory Board meeting was held in the face-to-face format as usual. All other meetings, including those of the committees, were conducted as virtual meetings. We constantly monitored the management activities carried out by the Board of Management in the last fiscal year and provided consulting and advice to them. This was done in particular at the seven meetings of the Supervisory Board that all members always took part in. Five members were not able to take part in one meeting, and one person was not able to take part in two meetings because they were not able to come for personal reasons. But in almost all cases, there were briefings ahead of time between the Supervisory Board members and between myself and these people so that all of the members of the Supervisory Board always were involved in passing all resolutions on the Supervisory Board. Last year, the Supervisory Board focused on the following subjects in particular. In the first meeting in the fiscal year in February, the Supervisory Board dealt in detail with the annual financial statements and the consolidated financial statements for fiscal 2019, the audit report, and the report of the external auditor. In addition to that, internal risk reporting and group-wide compliance management system were discussed. The Supervisory Board looked in detail at the results of its effectiveness and efficiency check in the form of self-evaluation. Other important subjects were the preparation of the elections of the owner representatives to the Supervisory Board at the AGM 2020, the adaptation of the financing or funding framework for fiscal 2020 in the context of the renewal of the revolving credit facility and the planned introduction of the new vision that is completely aligned to the circular economy for the company. After different resolutions passed by circulation of documents by the Supervisory Board, for instance, on conducting the 2020 AGM as a virtual meeting, on the forgoing of remuneration by way of solidarity to support the overcoming of the corona crisis in the company and the bond issued to secure the liquidity of the crisis situation, then in June at the meeting of the Supervisory Board, the Supervisory Board dealt with preparing the first virtual AGM of the company and the reappointment of Dr. Thomas Toepfer and the extension of his contract as CFO, and then after the AGM on the 30th of July, the Supervisory Board met so that it could conduct its constituent meeting after the election of the representatives of the shareholders to the Supervisory Board and to also elect the chairman of the Supervisory Board and the members for the committees. In the meeting in August, the Supervisory Board looked at the acquisition of RFM from DSM. Another subject they dealt with there was the planned global transformation program, LEAP, that is intended to realign and reshape the structures and processes at Covestro. At the extraordinary meeting on the 29th of September, the Supervisory Board had a detailed discussion, and then they passed the resolution on the planned acquisition of RFM and thus approved the planned financing structure, including a capital increase, which was then actually carried out later on on the 13th of October. At the October meeting of the Supervisory Board, the focus was on strategy. More specifically, it was a new group strategy which anchors the alignment to the circular economy in the group strategy and contains the three strategic chapters you're familiar with, specifically making Covestro become the best of who we are, driving forward with sustainable growth, and completely aligning the company to the circular economy. In its last meeting in December, the Supervisory Board looked at the remuneration system for the Supervisory Board and the Board of Management and checked the compensation of these people. In addition to that, the Supervisory Board passed the new remuneration system for the Board of Management, which now includes a non-financial sustainability criterion. And I'll get back to that in a minute. In view of the substantial improvement in the economic situation of the company and the general repayment of the solidarity contribution to all employees, the Supervisory Board at that meeting also passed the lifting of its proportionate remuneration waiver. In addition to that, the Supervisory Board at its December meeting looked at the corporate plan for fiscal 2021 that was put together by the Board of Management. Between the chairman of the Board of Management, or the CEO, and myself, there were regular exchanges of views between meeting dates, in particular on strategy and planning questions, on the development of business, and on important upcoming decisions. The members of the Supervisory Board in fiscal 2020 also focused on their personal training. For instance, there was a virtual series of Covestro events on project management in chemical engineering. Allow me now briefly to touch on the activities conducted on the committees of the Supervisory Board. The work of the Supervisory Board is prepared in the meetings of the committees and also evolved there. In the reporting period, the Audit Committee met five times, the HR Committee met a total of three times, and the nomination committee met a total of four times. In addition to that, there were times when a Special Committee was set up to prepare and carry out the capital increase in the context of the acquisition of RFM to monitor that and to approve it, and that Special Committee met a total of two times. All of the committee members always participated in all of these meetings. The Audit Committee monitored the accounting process and effectiveness of our internal control system and the risk management system. It also got constant updates on the evolution of the compliance management system and further subjects of the Supervisory Board. Furthermore, there was regular exchange of views between the chairman of the Audit Committee, Professor Rolf Nonnenmacher, and Dr. Thomas Toepfer, so that they could discuss in depth the risk and compliance management system of the company and the accounting process at Covestro. The Audit Committee and the Supervisory Board discussed in detail the financial statements and the Joint Management Report, and all of them received unqualified auditor certificates, and they also discussed the audit report from the external auditor. With these financial statement documents, and in particular the assessment of the further development of the company, I can say that we are very satisfied and in agreement with them. As was the case in the past, I am convinced that there has been a continuation of the close, transparent cooperation between the Board of Management and the Supervisory Board in the spirit of trust. And during this cooperation, we value in particular the principles of good corporate governance. Ladies and gentlemen, that was the report from the Supervisory Board. I'd like to now take this opportunity to tell you a little bit about the remuneration system for the Board of Management and Supervisory Board. Later on, you will be looking at the resolutions on this subject in items eight and nine on the agenda. As a result of the German Act for Implementation of the Shareholders Directive, ARUG, it's called in German, there has been a new section introduced into German stock corporation law. This stipulates that anytime there's an essential change, at least once every four years, the AGM of listed companies must pass a resolution on approval of the remuneration system submitted by the Supervisory Board for the Board of Management, and it was last done on the 3rd of May 2016. That was when the Supervisory Board did this at an AGM for the Board of Management, and the Supervisory Board has decided that it would evolve from the 1st of January 2021. The evolved remuneration system passed by the Supervisory Board for Board of Management members can be found in the convocation to the AGM with detailed explanations. The changes compared to the existing system regard, above all, the component to the long-term variable remuneration and sustainability, to which a sustainability component has been added, the introduction of rules on retaining or clawing back variable remuneration components. This is called the malus and clawback rules, and the definition of maximum remuneration, which, in line with the requirements of the Act in Germany implementing the Shareholder Rights Directive, has been adapted and it has been adapted in line with the German Corporate Governance Code. The target total remuneration has basically remained unchanged. The sustainability criteria that I mentioned will now go into the long-term variable remuneration, and the installment beginning in fiscal 2021 has been defined, and it's been based on the target savings in terms of CO2 equivalents. It's called Scope 1. As was announced in the convocation to today's AGM, the Supervisory Board has proposed, on the basis of the recommendation from the HR committee, that this remuneration system should be approved. It has been passed by the Supervisory Board with effect from the 1st of January 2021, as I mentioned. Then there's item nine. That is the decision on remuneration for members of the Supervisory Board as a result of the changes to the Act implementing the Shareholder Rights Directive. Section 113, paragraph three of the German Stock Corporation Act has been changed, and as a result of this, at least once every four years, the remuneration of Supervisory Board members must be passed once again. It can also be just a confirmation of what has been done. Remuneration of the Supervisory Board members has remained unchanged according to Section 12 of the Articles of Association. The Supervisory Board members have a right to a fixed component and an attendance fee. The amount of the fixed component is based on the tasks they have on the Supervisory Board and in the committees. This is separate for each individual, and the remuneration stipulated in Section 12 is appropriate in view of the Supervisory Board and should remain unchanged. As was announced in the invitation to today's AGM, the Board of Management and Supervisory Board, therefore, proposed that we have a confirmation of the remuneration of the Supervisory Board members and the system upon which it is based, as it is stipulated in paragraph or in Section 12 of the Articles of Association and is described in the annual report on pages 173-174. Ladies and gentlemen, now before we move on to answering your questions, I would like to once again point out that you can go to our investor portal on the company's homepage during the virtual AGM to exercise your voting rights. You can do this either by electronic absentee vote or by authorizing and giving instructions to the proxies of the company. Please remember, though, that this function at our investor portal will be closed down just after the end of the answering of shareholder questions so that we can then determine the results of the vote, and at the appropriate point in time, I will point this out once again. Now, let's move on to the questions that were submitted ahead of time. As I mentioned when we began, we received a total of 88 questions from 10 different people. We will be answering these questions in groups. They've been grouped by the individual person who submitted them. The Board of Management will now respond to these questions that were addressed to them. Questions to the Supervisory Board will be answered by myself in agreement with the Board of Management. Ms. Ina Moritz from our legal department will read the questions that you've submitted. And by doing this, we want to ensure that, to the greatest possible extent, we are doing things in a similar fashion to the way we do at a physical AGM. Ms. Moritz, the floor is yours. Dear shareholders, allow me to explain, first of all, the order in which we will be answering your questions. Let's begin with the questions from DSW, a German Shareholders Association, and SdK, because they represent a large number of shareholders, and the answers to these questions will probably be of interest to many of you. Then we will have the questions and answers in the order in which they were received. If you explicitly said you were willing to have your name mentioned, then we will mention your name. So let's begin with questions from Marc Tüngler. He is a spokesman for the DSW, a German Shareholders Association. Mr. Tüngler asked what Covestro has learned from the corona crisis, what changes and adjustments will remain, and what effect will they have. Mr. Tüngler, I'd like to answer your question from my very personal point of view. What did I learn about Covestro during the past year? We can perform crisis management, and we have a we-are-one culture, and both belong together. We've heard this in the speeches already. Covestro was able to get through the coronavirus year 2020 successfully because we took comprehensive measures for cost savings and liquidity early, and we were also seeing a great deal of solidarity among our employees. This could be seen by the flexible way they dealt with rules on working from home and also the change in their day-to-day working environment to a virtual world. This solidarity was also seen by the fact that many renounced part of their pay with reduced working orders. Together with employee representatives, we agreed on this very special solidarity measure. 96% of the workforce in Germany, including the Board of Management and the Supervisory Board, were part of this program. Colleagues in international sites also had similar country-specific measures as well. This showed me one thing: crisis management and solidarity belong together at Covestro, but we don't want to rest on our laurels. On the contrary, we are taking the right decisions for the future. At the financial press conference in February 2021, we announced the new alignment of our group strategy. Focusing on this, we see more customer orientation as well as sustainable growth. In the long term, our goal at group level is to have a fully circular economy and our strategy for sustainability and economic efficiency. We are optimistic when it comes to the future. Mr. Tüngler then asked about the positive structural environment and looking at the top line and the margins that we're in the best of all situations. He continued to say, "Could it get even better? And if so, where does Covestro see further potential?" He would be interested in hearing where Covestro is in the economic cycle. Thank you, Mr. Tüngler. Covestro focuses on markets which grow as a result of the trend to substitution above the gross national product. We plan to also continuously increase these sales volumes. This means that there will be a structural increase in our earnings. Covestro is also subjected to price fluctuations, especially in our standard business, which means that about half of our sales is affected by this. Market prices can fluctuate considerably due to specific supply and demand situations. Right now, compared to historic developments, prices are above the average level long term, but not at a peak level. Our guidance for 2021 says that prices or the margins per ton will fall again. But in the next few years, we expect that the supply will grow more slowly than demand, which then can lead to a structural increase in margins. We can see an undulating wave, and we see a growing earnings power at Covestro. It would be interesting here to compare Covestro and the predecessor organization, Bayer MaterialScience, and how they performed in the economic crisis 2009 and in the pandemic in 2020. There, we had an EBITDA which was below EUR 500 million. In this crisis now, we were able to generate EUR 1.5 billion. The difference is due primarily to increased volumes due to 11 years of growth. Based on this trend, we assume that in the future, we will also be able to achieve new peak results. Another important factor for future potential is seen in the implementation of our global transformation program, LEAP. As part of this transformation, we want to focus even more on the market's requirements and tailor them to that. In our speeches, we also talked in detail about the adjustment of our organization that we are planning. In addition, we also plan to further increase our efficiency. The target will soon be: we will keep our overheads the same up until 2023. This target, of course, will also depend on the—this is without the bonus because this depends on developments. This is very demanding for two reasons. First of all, we want to continue to grow our business. Grow normally leads to an increase in overheads. Secondly, baseline 2020 had a very low cost basis because there were short-term crisis measures that were taken as a reaction to the pandemic. That's why this target is a very serious one in order to increase cost efficiency at Covestro. Throughout the cycle, we also want to be able to have attractive earnings on the capital employed, and we also want to have a high degree of free cash flow after CapEx. And because paying an attractive dividend is something that we plan to make part of our—to use our liquidity for acquisitions. A good example of this is the acquisition of Resins and Functional Materials from DSM. Mr. Tüngler has asked for some information as to why the group is being realigned and asked what added value is associated with this and to what extent this will have an impact on responsibility, transparency, management, and reporting. Thank you very much, Mr. Tüngler. With our global transformation program, LEAP, we want to realign our structures, processes, and management mechanisms so that we can position our company in an optimum way. To do so, we want to restructure our operational and organizational structure as well as responsibilities. In future, we will have seven new business entities. These entities will have the necessary decision-making authority so that they can manage their businesses themselves and to best look after their customers themselves. And to ensure this, we will also embed activities which are critical to success in the business entities. In addition, our product, the type of product, will not be a decisive criteria as to how we manage our company. What counts now is the business aspects and the customer's needs that are behind these products. So in the future, we will distinguish between standardized Performance Materials and Solutions and Specialties business. In addition, this program also provides for a clustering of certain skills in cross-company functions, which is important for the development of a company considering, in particular, sustainability and circular economy. In this way, our strategy is reflected transparently in our business structure. This new realignment at Covestro will focus on circular, climate-neutral economy, and we will have even more digitization and customer orientation. This will lay the foundation for the fact that the company can be more effective and more efficient. We can avoid redundancies, and we can modernize our ways of working. Implementation of these changes is to begin in the middle of 2021 and should be completed by the end of 2023. The new segment structure is something that will be implemented in our external reporting for the first time in the interim report in Q3. DSW has noted that in the corona year 2020 and in a very strained business year, that Covestro was resilient, and they see the way that they have gone forward to be correct. Mr. Tüngler asks if maybe additional measures and steps might be necessary and sensible in order to increase the group's resilience. He wants to know what steps are planned and if it might also be necessary to have additional operational improvements when it comes to components from the outside. He'd like to ask for some information on the plan. Thank you very much, Mr. Tüngler. Basically, our new strategy answers your question. As we said in our presentations, so I'll repeat this very briefly, our new strategy called Sustainable Future is in line with our vision. We focus on circular economy. That means that we have climate-neutral and resource-saving economy. We have three chapters. First of all, Chapter One. This gives even better fitting structures in order to tap our full potential. One example of this is the staggered transformation program called LEAP. The second chapter is where we combine sustainability and economic efficiency. Investments and portfolio measures will be focused on these points. An example of this is the completed acquisition of resins and functional materials, which we acquired from DSM. The third chapter is our vision. With our business activities and with upstream and downstream value chain, we want to become climate-neutral, and we want to conserve resources and accelerate this process. Examples of this are the first deliveries and processing of certified mass-balanced raw materials, phenol, and aniline. Mr. Tüngler has also noted that in addition to increasing resilience in their business, that you are also focusing even more on sustainability. He asked about this emphasis on sustainability. Will this come to portfolio changes, or does the company believe that its environmental, social, and governance targets, the ESG targets, can be achieved by organic measures alone? He wants to know what gap needs to be closed through portfolio adjustments. Thank you, Mr. Tüngler. All of our activities that promote organic and inorganic growth are focused on sustainability. This includes, in particular, CapEx, acquisitions, research and development activities, as well as our strategic venture capital initiative. A large share of our innovative and new products are already focusing on the United Nations sustainability targets, the so-called sustainable development goals, and our clear-cut objective is to expand our portfolio of circular products. To be fully climate-neutral in production, we need to switch our supply of raw materials and electricity to renewable materials and energy. This has to be done at competitive prices, and we have to maintain supply safety and quality. About 20% of our planned investments, which push our growth, will then be focusing on the circular economy. We don't expect that we will increase our overall need for investment. The recent acquisition of Resins and Functional Materials from DSM also makes a big contribution towards implementing our new group strategy. This means that we have taken another step forward in implementing our growth strategy and focus on the circular economy. Covestro continues to observe the market, looking for possible acquisition possibilities, but right now, we have no specific portfolio measures being planned. Mr. Tüngler also has a question on Covestro's dividend strategy. He wants to know what the specific reasons are for the complete change in dividend policy. He says that tying the dividend to the results is something that is understandable to DSW and makes sense, but he'd also like to explain why the current dividend strategy had a different basis for its different parameters and why now the change is being implemented. Thank you very much for your question, Mr. Tüngler. As we said in our presentations, the Board of Management decided that we would realign our dividend payout policy. One of the major reasons here was to focus the dividend more on the development of net income and also the overall situation, economically speaking. We can achieve this by referring this to the payout ratio. The Board of Management is convinced that this new policy fits Covestro better than the past policy did. Up until now, we paid a dividend per share that was increased, or in challenging times, it would at least be kept stable. And also referring to the earnings situation, this dividend policy also considered the factor of dividend continuity. We found, however, that this dividend policy was an attractive promise, but it didn't always fit in our cyclical business. And as a result, the earnings and cash developments in 2017-2020 made this very clear to us. For the dividend from fiscal 2019, paid out last year in the middle of the pandemic, we had proposed halving the previous year's dividend. In addition to other drastic savings measures, we wanted to secure our cash position. As a result of this, the board of management then decided to review and announced a review of the dividend policy, and this is now what we have, the new dividend policy. Mr. Tüngler has also asked about the dividend for the past five years. What would the dividend have been if this new dividend strategy had already been in effect? Would the dividends have been lower or higher? Let me give you the examples of the years 2017 and 2018. For these fiscal years, with record-level results, the dividend, according to the old policy, was EUR 2.20 and EUR 2.40, respectively, per share. These were higher absolute values than the current dividend proposal for fiscal 2020, but the payout quota was 22% and 24%, respectively. If we apply the lower limit or the lower scale of the new payout, amounting to 35%, if that is applied to these years, then the dividend proposal would have been higher. The lower limit of our new payout quota would have given us a dividend in 2017 and 2018, very good years. It would have been a dividend share of about EUR 3.50 per share. The dividend for fiscal year would only have been EUR 5.00 higher, in other words, EUR 1.40, as opposed to EUR 1.35 per share. The dividend for fiscal 2019, if using the new policy, would have remained the same. This is all hypothetical, of course, but you asked for that specifically. What's important here is for the future. We remember that our new dividend policy allows us to pay out a clearly higher amount in good years and to be involved in our success. Finally, Mr. Tüngler from DSW would also like to know what strains CapEx and OpEx will expect by implementing their sustainability strategy in the next 10 years. Well, I can tell you that all of our activities, organic and inorganic growth that promote growth, in other words, CapEx, acquisitions, R&D activities, and also our strategic venture capital initiative, are aligned towards sustainability. A large share of our new innovative products are already focused on the UN sustainability targets, the sustainable development goals. And our goal is to expand our portfolio of circular products. For completely climate-neutral production, we have to have a consistent, gradual shift in our raw material and energy supply. We have to switch to renewable energies and materials at competitive prices and maintain supply security and quality. And when it comes to our share of investments in circular economy, I'd like to refer to what Mr. Steilemann said, and I'd like to refer to another question that you already asked. Welcome to the questions of Mr. Andreas Masek, Speaker for the SdK Capital Investor Association. To start with, Mr. Masek said that ESG reporting and risk assessments is gaining in importance. He also refers to global activities of NGOs with political consequences against the use of plastic products and also about legislation governing supply chains with liability consequences for boards of management and companies. He would like to know what the risk assessment is of the board of management when it comes to this topic. Thank you very much, Mr. Masek, for your question. Yes. Now, ESG reporting, which is the reporting on topics from the fields of the environment, social issues, and good corporate governance, has become much more relevant in recent years. Now, Covestro has been reporting extensively on this for a number of years now. Every year, we report according to the internationally recognized reporting standard, the Global Reporting Initiative, which is GRI for short. Now, assessing ESG risks, which are non-financial risks, is part of our company-wide risk management system. When assessing this, we don't just look at risks. We also look at opportunities which arise from these topics. Now, our strategy has also come to being with these opportunities in mind. This is why we've come up with circular economy. Now, with this program, we want to make ourselves for the future in order to tap the benefits of the circular economy. And we are also observing an increasingly critical perception of plastics, but this frequently relates to plastics packaging and also to the waste that comes about as a result of it. But what we do, we find long-term applications for plastics. And because our products are not usually used for packaging, we are less exposed than other plastics manufacturers. You also mentioned the Supply Chain Law. Now, this deals with the cautious handling from companies when it comes to adhering to human rights. Now, with the planned law, we believe it will lead to greater legal certainty for such companies, for companies who already consider this of pivotal importance, just like we do. Now, even if Covestro is less exposed than other companies in other sectors when it comes to this topic, we do, of course, take human rights very, very seriously indeed, and are consistently looking for ways to minimize our risk exposure. Last year, for example, we founded a working group at Covestro. This group looks closely at the short-term integration of various regulatory requirements and institutional recommendations when it comes to protecting and adhering to human rights in our management systems, in systematic risk analysis, as well as prioritizing and monitoring the measure implementation. This is why when it comes to legislative developments in this field, we believe we are well prepared. In his next question, Mr. Masek is referring to the dividend policy. Now, in the future, Covestro's dividend policy states that the company will pay 35%-50% of earnings out as a dividend. Now, what criteria are decisive for determining this percentage? Now, Mr. Masek, as I said during my speech, Covestro is rebasing its dividend policy, and as such, we will be looking at a payout ratio which focuses more on the performance in terms of our consolidated result and the overall economic situation. As you rightly state, this is currently 35%-55% of our recorded net income. Now, there are three criteria which play the role here. Now, firstly, the profit-oriented corridor in years when we have top earnings will allow for a higher payout measured in terms of the absolute figure in EUR. And in years when we have a below-average consolidated earnings figure, then we would be able to pay out a lower figure. But fair participation of the shareholders on the company's success is the main criterion when it comes to establishing the level of the dividend. Secondly, in years when we have a below-average group result, such as in 2020 when the pandemic hit, the percentage value will tend to be at the upper end of the corridor. In years when we have very positive earnings, then the percentage tends to be at the lower end of the corridor. Now, the ratio of absolute dividend and group earnings is thus the second key criterion when it comes to setting out the dividend. Thirdly, Covestro is operating in an overall economic context and depends on the general economic environment of its client markets, as well as on forecasts on the future development of the economic environment. Now, the overall economic situation of the current year and in the foreseeable future is the third and final criterion. The board of management and the supervisory board will look at the interplay between these three criteria when establishing what the level of the dividend will be. Mr. Masek also refers to the draft proposal of item seven on the agenda, which allows approved capital of up to 30% of share capital. He says that there are already authorized capital of 10%. Now, the SdK believes that authorized capital of up to a maximum of 10% for tangibles and 25% for cash reserves should be voted on in order to avoid dilution. He's asking whether the management has specific plans which would require a capital increase of up to 30% of share capital. Now, Mr. Masek, as you would have seen in the invitation, the new authorized capital for 2021 will take over from the strategy we had for 2020. Now, authorized capital of 2021 will allow the company to act more quickly and more flexibly without having to wait for the annual general meeting or for an extraordinary general meeting. Now, this flexibility is important to ensure the options for financing the company are available quickly. Quick action, also when unforeseen events occur, is very important for us as a company. Now, specific plans for utilizing Authorized Capital 2021 is currently not foreseen. The Board, in each case, will take a form of careful assessment as to whether Authorized Capital 2021, the use of it, is in the interest of the company and its shareholders. Now, the fact that we only use authorized capital very restrictively is underlined by the example in 2020. Here, we had the capital increase for the acquisition of the Resins and Functional Materials business of DSM. As I said during my speech, in the framework of an accelerated issuance method, 10.2 million shares were issued, and net issuance revenues of EUR 447 million were generated. The actual scope of the capital increase was geared around the requirements for maintaining a solid investment grade rating by Moody's. A solid investment grade rating will, in future, continue to be our overarching target. Mr. Masek has also asked about the class action lawsuits pending in the U.S. He would like to know what the status is and also what the risk assessment is of the board of management. At the end of June 2018, a brief report in a U.S. legal trade magazine spoke about an ongoing antitrust investigation from the U.S. Justice Department related to the U.S. American market for diphenylmethane diisocyanates. Covestro LLC, as well as other plaintiffs, received the first of 12 class action lawsuits from various U.S. American MDI and TDI customers. Now, it's been claimed that since the 1st of January 2015, various antitrust provisions have been violated by, in a coordinated manner, limiting MDI and TDI production capacity while also increasing prices for these products. On the 3rd of October 2018, a local legal committee combined these 12 class action lawsuits into one single suit. Now, as such, this class action lawsuit is in the discovery status, which means that it is at a status where all proceedings are currently under preparation. The parties will be looking at the evidence that has been raised to be able to respond to them during all proceedings. Now, the Attorney General of Mississippi on behalf of the state and its citizens in September 2019 filed a civil lawsuit against Covestro LLC and a number of other accused as well. Now, this suit was withdrawn. Now, Covestro, due to the official six-month investigation by the U.S. Department of Justice about antitrust practices in the field of MDI, shows that the accusations raised were unfounded, and as such, it will continue to defend itself with all legal means available. Mr. Masek also asked about the CO pipeline extending from Dormagen to Krefeld-Uerdingen, and he would like to know what the significance is of the CO pipeline for the company and when it will become operational. Good morning, Mr. Masek. Thank you very much for your question. Let me speak about this at length. Now, the pipeline is in North Rhine-Westphalia, and here we manufacture products at three different sites: in Leverkusen, Dormagen, and Krefeld-Uerdingen. Now, these sites are around 70 km away from one another and are closely intertwined with one another. It relates to maintenance, infrastructure, logistic processes, and also to the supply of our sites with raw materials that are important for production, such as is the case with carbon monoxide, which will be transported via the pipeline. Now, with the pipeline from Dormagen to Krefeld-Uerdingen, the existing system for carbon monoxide between Dormagen and Leverkusen will be extended, which will mean that we will have a raw material alliance for our plastic productions. Now, the strategic and economic importance of the pipeline, after years of legal challenges, remains as valid as ever because at the Krefeld-Uerdingen site, we only have local carbon monoxide production based on coking coal, whereas in Dormagen, we have state-of-the-art plants for producing carbon monoxide based on natural gas. Now, Krefeld-Uerdingen will be integrated into this alliance. This will increase the availability and also the production safety, but also the sustainability and competitiveness of our entire North Rhine-Westphalia production facilities. For this reason, I would like to say again that in this context, we have always emphasized that pipelines always factor in environment and safety-relevant aspects. In doing so, this is the basis we use for determining the most suitable transport means for liquid and gaseous substances, and we're convinced of the merits of this project. As such, the safety concept for our pipeline to Krefeld-Uerdingen is not only technically very sophisticated, but in a number of aspects, it actually goes beyond what is required by laws that are currently in place. This has been confirmed by the Court of Münster, which issued a verdict on the 31st of August 2020 on the matter. Now, before the pipeline becomes operational, the planning amendment law needs to be implemented, and this was approved by the District Government of Düsseldorf in August 2018. Now, only once a positive decision in our favor has been issued, will this be possible. It's difficult to say at the moment with any certainty when such a verdict will be reached. Following the decision issued by the Court of Münster, the construction and operation of the pipeline is acceptable, and there is not going to be an appeal. We have significant interest in ensuring that the implementation of this verdict will be able to take place with as little conflict as possible. Now, a non-admittance appeal was filed at the Federal Administrative Court in Leipzig, so we will have to wait and see what happens with these proceedings. Mr. Masek also asked about the remuneration system for the board of management because, in addition to fixed compensation, it will also be composed of short and long-term compensation components. He would like to know how you calculate the variable components. Now, in order to answer this question, I would like to go into the short-term and long-term variable components, and I'd like to do this separately. Now, I assume that the target value is what you're referring to. Here, the goals will be considered to have been achieved if 100% of the remuneration components are paid out. Let's start by looking at short-term variable remuneration. Now, here, the same performance criteria are referred to, as well as the control system for Covestro for planning, controlling, and reporting on our commercial performance. These include growth, liquidity, and profitability. This ensures that short-term variable remuneration is directly linked with the corporate success of the company. Now, in order to assess these performance criteria, there are three KPIs. We have volume growth in our core business, free operating cash flow, and the return on capital employed. The target values for these three KPIs are derived from the medium-term strategic targets of Covestro, which apply for a multi-year period, which usually lasts for three years. For the long-term variable compensation, there are three KPIs which apply as of 2021. We have Total Shareholder Return, which is the return on our stocks, the outperformance of our stocks compared with the STOXX Europe 600 Chemicals, and also the change in the direct annual greenhouse gas emissions from our production facilities. Now, there is no target set for Total Shareholder Return. Moreover, what's decisive here is the level of the return on our stocks, and this determines the amount paid out from the long-term remuneration program. The target for outperformance is deemed to have been achieved if the share price as a percentage exceeds the growth in percentage of the reference index. And for the third factor, the emission of greenhouse gas emissions is forecast for the coming years. Now, taking into account the measures planned for reducing emissions, then a reduction of emissions in absolute terms is reduced by 150,000 tons within four years is an ambitious but also realistic target. In his last question, Mr. Masek would like to know about the change in personnel on the supervisory board. He would like to know which criteria were used for selecting candidates and also how many candidates it was narrowed down to and whether external consultancy services were required to determine who would be appointed. Thank you very much for your question. The supervisory body of Covestro AG has specific objectives, and these include competence, expertise, the international character, diversity, management experience, and also the independence of its members. Now, these targets for the supervisory board, which you can see in the current annual report on pages 154 and 155, correspond to the recommendations provided by the German Corporate Governance Code. The nomination committee, which is responsible for selecting suitable candidates as shareholder representatives and to propose them for appointment to the supervisory board, are based around a specific skill set that the supervisory board, as an overall body, would like to fulfill. Now, members of the supervisory board should have commercial experience, and based on their individual knowledge, skill sets, and expertise, should be able to fulfill the duties of a supervisory board member in an internationally active company and also to ensure that Covestro continues to enjoy a positive image among the public. Now, the nomination committee has come up with a framework for finding candidates using an international consultancy, which has a wealth of experience and has proven itself when it comes to the development and recruitment of management staff. And before making a final decision, the nomination committee looked at the profiles of a wide range of potential candidates, and two of the female candidates were narrowed down to two female candidates, and detailed discussions were held on these two candidates. And for today's proposal to the AGM, Ms. Lise Kingo was selected as the new representative. Now, this is due not only to her impressive personality, her integrity, but also her exemplary professionalism, but also her comprehensive and long-term experience in the field of sustainability. Now, a particular focus on this field corresponds to the Covestro Group's alignment towards the circular economy, by which sustainability will be even more important when it comes to the actions of our company. Shareholder Thomas-Klaus Bittner has questions in the context of the coronavirus pandemic. First of all, he would like to know how the board of management judges the medium-term value creation in the context of the current pandemic. Thank you, Mr. Bittner. The current coronavirus pandemic has not so far led to any fundamental changes in our value creation or business strategy. The way it looks today, in the medium term to the pandemic, will not result in essential changes to our business strategy, as has been stated in the speeches. The pandemic year 2020 has ended with a good result for the company. This was due to the systematic and comprehensive crisis management and our broad regional and market positioning. Our business activities in all business global regions and across many different customer industries have proved to be a good idea and led to sound results for the group as a whole. Mr. Bittner also asked about the coronavirus pandemic, in particular, what risks are at the forefront and which ones can be considered secondary. Thank you, Mr. Bittner. In our short-term reaction to the coronavirus pandemic at the beginning of 2020, there were three aspects at the forefront, and they were, at the time, also the highest risks. First of all, the protection of the health of our employees and our business partners. Second, maintaining the supply capability of the company. And third, securing our financial strength. That is liquidity. Corporate management, together with the strong support of all employees, has successfully implemented measures in all three areas, thus counteracting negative impacts of the pandemic. In current business year, fiscal 2021, the remaining risks and therefore the focus of our measures has slightly changed, above all on the basis of the dynamic economic recovery, which has been going on since the second half of 2020. Our business activities are back at a pre-pandemic level in most areas, and this also applies to our earnings and cash situations. Major attention, therefore, is being focused now on the protection of the health of our employees and our business partners. In addition to that, he asked whether the coronavirus pandemic had any impact on sites and jobs. Thank you, Mr. Bittner. Allow me to answer this question very clearly. As a result of the pandemic, there will be no closing of sites at Covestro. The opposite is true. About EUR 800 million is being invested in 2021. That's about EUR 100 million more in our plans and capacities than in the previous year, and in the future too, we are not changing our plans for continued investments in sustainable growth, and at Covestro, there were also no dismissals due to the pandemic. The implementation of the reduction of the global headcount in 2020 was done within the framework of the efficiency program Perspective, which was initiated in 2018 and concluded successfully in 2020. In that context, positions that became vacant due to manpower turnover or retirements were not occupied again. These measures were taken in agreement with the relevant labor representatives in the different countries. Shareholder Sven-Erik Pfeiffer has asked about Covestro sports sponsoring and would like to know what the expenditures for this were in fiscal 2020 and how these expenditures were distributed across different types of sports. Thank you, Mr. Pfeiffer. Allow me, at the beginning of my answer, to give you some more context to this. In its corporate decisions, Covestro focused on the 17 sustainability targets of the United Nations. One objective is to sponsor and foster health and well-being. With the support of sports clubs in and around our production facilities, that's exactly what we achieve. Our commitment here covers, above all, sponsoring of sports clubs at our biggest German sites in Leverkusen, Dormagen, Krefeld-Uerdingen and Brunsbüttel. So sports sponsoring is an important component of our good corporate citizenship and our health management at the company because good work is closely connected to health and well-being of our employees. In the sponsoring of recreational sports, Covestro sees an important contribution to our social environment and a strong signal to our neighbors and our employees because these clubs make people's lives a little bit more attractive and give us quality of life in the areas around our sites. Let me give you a couple of examples of the state of North Rhine-Westphalia in Leverkusen. Covestro supports RTHC Bayer Leverkusen e.V., and in Dormagen we support TSV Bayer Dormagen 1920 e.V. Both of these clubs offer many different sports, above all leisure and recreational sports, competitive sports, as well as fitness and health. In Krefeld-Uerdingen, we support, first of all, SC Bayer 05 Uerdingen e.V., one of the biggest sports clubs in North Rhine-Westphalia that has many different sports. There we have, under the umbrella of Covestro Sportpark Uerdingen, many different sports facilities brought together. In addition to that, we support SV Bayer Uerdingen 08, which is one of the biggest swimming clubs in Germany. After ending the partnership with Germany's hockey club DEL, Covestro no longer sponsors any professional sports at all anymore. Covestro rather now is focusing on technology partnerships and sponsoring recreational sports. In addition to the sponsoring of different clubs in the sites in North Rhine-Westphalia that I was mentioning, that is Leverkusen, Dormagen and Krefeld, we have in the United States had an innovation partnership with the Pittsburgh Penguins and Carnegie Mellon University in Pittsburgh. The core of this partnership is to improve the performance and safety of hockey with the help of Covestro materials. The motto is, "Making hockey safer for future generations." Around the world, the expenditures for sports sponsoring in 2020 were a low seven-digit figure. Another shareholder has referred to Covestro's homepage, and they said that they expect Covestro to design their homepage that would make it easier for him to reject the use of cookies without having to install any tools. Thank you for your question. I can assure you that we take very seriously the protection of your personal data, and therefore you can always use Covestro's homepage without us collecting any personal data from you. If you visit our Covestro homepage, you will, first of all, see a pop-up window, and it will say things about the use of cookies. If you do not want to agree to the use of cookies, you can just shut that window by clicking on the X in the top right corner. And after that, you can go to our website and look at whatever you're interested in, and no cookies will be stored. Installation of any other applications is not necessary, regardless of the browser you're using. Now, if you want to agree to the use of cookies, you can just click on the OK in the pop-up window, and in the pop-up window, you'll also see a link to detailed data protection information. There you can read how and why we use cookies, but you can also deactivate any agreement you have already in the past accepted. Now we'll have some questions from Mr. Aditya Dhonda. He is a proxy for a shareholder, and he has questions about the carbon monoxide pipeline between Dormagen and Krefeld-Uerdingen. He would like to ask you this question. Why are you reporting on the non-approval complaint after the decision of the Higher Administrative Court in Münster on the original zoning decision, but you're not reporting on the upcoming extensive and costly work that will result from the plan revision procedures? The shareholders would like to know here about the amount of time and expense this will entail because only then will we have an initial idea as to whether the high-risk project that you were handed over to, that you were handed over from Bayer, even makes any economic sense. Mr. Dhonda, we'd be pleased to give you a rundown on this. First of all, allow me to begin with the work on the pipeline that is left to be done that you mentioned. First of all, this is implementation of the measures resulting from the plan revision decision that was issued by the government in Düsseldorf in August 2018. For instance, installation of a second geogrid, that is, special mats that protect our pipelines from damage. Furthermore, this work is necessary to comply with a few additional targets stipulated by the authorities. For instance, inspection of the pipeline with the help of a special inspection device, which is called an intelligent pigging device, and also the final coordination of the alarm and hazard prevention plan. The costs and time to be spent on these activities will, of course, be included in our economic viability assessment for the project as a whole. However, for competitive reasons, we never provide specific costs for our individual investment projects in public. However, I can tell you this: the total sum for the construction of the carbon monoxide pipeline, which also includes costs that are entailed as a result of delays, amounts to an eight-digit figure in euros. For Covestro, the project, however, still makes sense despite the costs and time that's going to be necessary from a strategic and from an economic point of view. Because, as I already said in my answer to the question from Mr. Masek, this pipeline is intended to complement the existing integrated system between Dormagen and Leverkusen to set up a cross-site integrated raw material system for our plastics production facilities. As a result of that, our carbon monoxide availability and production security will be improved, as well as the sustainability and the competitiveness of our entire integrated system of sites in the state of North Rhine-Westphalia. And as a result, this pipeline will make a major contribution to helping us move forward on the path we've adopted for the company of achieving climate neutrality. Mr. Dhonda also asks about possible risks of the pipeline and would like to ask you the following question. A risk question that can only be assessed in future proceedings is the risk of death for several hundred residents in the area if there's sabotage or if there is an accident with a mechanical shovel. And for this, Bayer, the former parent company, had a research done, and it was published on page 24 of a magazine, Umweltmedizin in der Praxis, and it was about a deadly cloud, but we have not got any information about that in your report on legal and compliance in the management report, in the annual report. First of all, it's important for me to emphasize that the well-being of everyone involved in the production process at Covestro is important to us, and also anyone involved with our products or who has contact with our products. Our exemplary safety culture ranges from our employees to reliable and safe production processes, plants and equipment, and transportation, all the way on through to environmental protection. Now, against this backdrop, we take your concerns and those of local residents very seriously, and to the greatest possible extent, we have worked to take into account any wishes for change in our plans. As I mentioned in my answer to Mr. Masek's question, the safety concept that has been developed for our pipeline to Krefeld-Uerdingen complies not only with current technical requirements. In fact, in many aspects, it goes beyond existing regulatory requirements and standards. This was confirmed to us by the Münster Higher Administrative Court in its decision from the 31st of August 2020. By way of example, I'd like to mention just a couple of aspects. The pipeline is going to be operated at a pressure of a maximum of 13.5 bars, but it's designed, however, for operation at pressures up to 100 bars. The entire pipeline, in fact, has been subjected to 200 bars when a test of pressure was done. The plastic-coated steel tubes have a diameter of 25 centimeters. Their walls are particularly thick and, nevertheless, malleable. This strength protects the tubes, the pipelines, in the event of vibrations and earthquakes, amongst other things. The tubes, the pipes, are at a depth of at least 1.4 meters, whereas in legal terms, only one meter is required. Over the entire length of this route, several leak detection and locating systems have been installed. There is a sensor tube system that we use so that even the smallest amounts of carbon monoxide could be discovered before anyone is seriously at risk. In addition to that, the carbon monoxide fed in and the amount coming out at the end of the pipeline is measured with a mass total process, and as a result, any variance would be immediately detected. But there are other aspects that contribute to the safety of this pipeline. For instance, Covestro is a member of the German Federal Information System on pipeline research. This is a central online platform which allows simple and efficient pipeline research processes for anyone involved in construction or building. This information system provides a completely digitized process in the form of a communications portal and brings together construction people and network and pipeline operators. As a result, unintentional intrusion of third parties into the pipeline can be avoided, and what's ultimately decisive, though, is the safe handling of carbon monoxide. We at Covestro have had decades of experience with this, as we have with the operation of pipelines, and incidentally, in our opinion, pipelines are the safest transportation means that makes the most economic sense for most liquid and gaseous substances. The next five questions are from Arne Rautenberg, fund manager at Union Investment. First of all, Mr. Rautenberg would like to know by when and with what measures Covestro is intending to become a climate-neutral company. Thank you, Mr. Rautenberg. In the discussion in society, climate protection plays a key role. The European Commission has set as a target that we should become climate-neutral by 2050. At Covestro, we are resolved to make a contribution to climate neutrality and therefore expressly support the Paris Climate Agreement. For us, a circular economy is a key way to achieve this objective by ensuring that products and materials are recycled at the end of their life, and by doing this, we want to cut the amount of resources used as well as reduce greenhouse gas emissions, and for this reason, we have as an objective making the company totally aligned to a circular economy and thus helping achieve greenhouse gas neutrality, and this is reflected in our corporate vision and strategy. Specific measures for achieving our climate neutrality target are being developed now. A specific schedule as to when Covestro will achieve climate neutrality is being developed. I cannot tell you today, therefore, an annual figure. We have, however, already begun integrating emission reductions targets into our remuneration system step by step. We, of course, are working on reducing our emissions continuously. For instance, in years past, different measures were taken to reduce our direct emissions. And for the years to come, further measures are planned. We will continuously reduce our indirect emissions by targeted purchase of renewable energies. For instance, the recently concluded contract for our plant in Antwerp and the agreement that we made with Ørsted for 2019 for purchasing renewable energies. And we're also working full speed ahead on reducing emissions from raw materials, for instance, by purchasing raw material equivalents that have a low carbon footprint. And we're working on this together with Borealis and Neste. Mr. Rautenberg has also noted that demand returned more quickly than expected, but for 2021, lower CapEx will be made than the company had expected prior to the pandemic. Mr. Rautenberg wants to know why. Mr. Rautenberg, capital expenditures have strategic importance for us, and after EUR 740 million in investments in 2020, this year we plan to invest EUR 800 million. Remember that even in 2020, more than half of our capital expenditures were in growth projects. As you likely saw, prior to the pandemic, we had stated a higher amount for CapEx. 2019, it amounted to EUR 910 million. Back then, we had planned annual income of EUR 1 billion per annum. At the end of 2019, however, our prospects had deteriorated considerably, and this was due to increased competition and lower margins as a result of increase in supply in many markets. Our investment plans had already been the new earnings outlook. For example, our investment project for a new MDI plant for EUR 1.5 billion was put on the back burner. And in the second half, we will be dealing with this investment project once again. This deferral, in addition to delays of other smaller investment projects, is one of the major reasons why our plan has shown lower values than in the past. And if at the end of the year, if the plan decides to go along with the MDI project, the high project CapEx would not impact 2025 and later. So right now, in the future, when it comes to annual CapEx, we expect to remain in euros. In accordance with our new strategy, our focus in the future will be more on growth and sustainability, especially in our six new business entities in the Solutions and Specialties business. Here at Business with Performance Materials, we want to focus on CapEx light solutions and investments with an improved ratio for the euros per ton capacity. Mr. Rautenberg also asked if Covestro will be changing its strategic capital allocation. Apropos it. If so, yes. Right. When it comes to our new dividend policy, at the beginning of this year, we also amended our strategic capital allocation. As a matter of principle, when we look at our investment dividend, portfolio measures, and our equity measures, all in all, our capital allocation is balanced over these four areas. Capital expenditures will remain focused on our capital allocation. In organic growth, which is how we achieve the expenditures, we see that due to our leadership in technology and costs, this is one of the main levers to create. In the last five years, from 2016 up to and including 2020, we spent EUR 1.2 billion for capital expenditures. As I said before, our dividend policy was adjusted. Attractive dividends form the second part of our strategic capital allocation. All in all, in the last year, we have paid out about EUR 1.5 billion in the form of dividends to our shareholders. Portfolio measures make up the third part of our strategic capital allocation. This also includes the Resins and Functional Materials business from DSM. It also includes divestments with lower margins, for example, polycarbonate plate business or our polyurethane systems houses. Net amounts in the last five years, we have invested approximately EUR 1.5 billion in this area. After the integration phase for RFM, we do not plan any additional acquisitions, nor do we plan any divestments. To conclude, this completes our list of strategic capital allocation. Here, with the adjusted dividend, a share buyback is something that is not pending in the near future. Due to the authorization from the AGM, this board of management does have this option, but buybacks, share buybacks, is something that we do in an opportunistic way and anticyclically. Since the IPO, our equity capital is by approximately EUR 1.1 billion. Mr. Rautenberg would also like to know the reason for the deductible for D&O insurance. This is directors and officers insurance. What's the reason? Mr. Rautenberg, the German Corporate Governance Code was published on the 16th of December 2019, and here a deductible is not included, and it's no longer recommended. Irrespective of the rules and regulations in the code, a deductible for supervisory board members is not provided by law. In other words, Covestro believes it's not necessary for Supervisory Board members in order to get them to do their job in a responsible way. Covestro is convinced that the members of the board are committed and perform their actions even without such a deductible. Mr. Rautenberg concludes with his question on the Supervisory Board when it comes to further improvements of Corporate Governance and diversity at Covestro. Thank you very much, Mr. Rautenberg. This is a very broad area, so this will be a relatively long answer. Diversity. This is responsible governance and diversity. Important topics where Covestro has already achieved a number of aspects, but we also want to continue. These principles of responsible governance are very important to us. The core behind this is to our shareholders who have an unqualified declaration of intent with regard to the German Corporate Governance Code, which has been issued every year since our company was set up. In the background, the rules and procedures for the board of management and the supervisory board adapted to the recommendations of the corporate governance codes, and these were also modified. We modified the compensation system as well to meet these requirements and recommendations. We don't wait for the commission to publish their recommendations. We deal when we deal with a number of different issues and initiatives in the field of governance. We also follow considerations and developments very closely and in the discussion for an expert group. To sum up, good modern corporate governance is something that Covestro takes very seriously, an active and integral part of our corporate culture. The situation is exactly the same at Covestro. We are committed. This is seen in one of our three corporate values: curious, courageous, and colorful. And when I say colorful, we mean diversity. Diversity and equality are important components of Covestro's strategy. We want to discover potential, we want to call prejudice into question, and we want to enter into dialogues with our peers. And we see diversity as a strength at all levels of hierarchy and at all regions. Our diversity and inclusion strategy results from our values, and this is also in our different areas: employees, company, community. These three are essential to Covestro when it comes to having a strong, diverse, and inclusive working culture at our sites. And this is a very important contribution towards the future of Covestro. When it comes to implementation of our diversity and inclusion at Covestro, we have set up a global diversity team, and they have global councils made up of representatives from all of the different business segments. Dr. Schäfer is the board member for production and technology in this area. These structures and corporate measures that result. A couple of examples. We have a clear-cut goal for women in management positions. By 2022, 40% on the board of management, 20% at the two levels below the board of management. When it comes to level two, the interview panel should also have a woman. The internal vacancies are published in countries where this is part-time possibilities. Networks are set up as part of our work in order to include our workforce when promoting D&I. We promote these initiatives because they're an important engine behind inclusion. In 2020, we established a framework for all network activities. All of our employees worldwide will have the same underlying conditions in order to become inclusive. Irrespective of our corporate efforts, promotion of diversity is a social duty where everyone has to assume responsibility. That's why we are sure that with activities and beyond our activities, we can go together with other players. And this is what is required. Can diversity be enshrined on a long-term basis in our company? And that's why we continue to expand our cooperation with various partners. For instance, in 2019, Covestro signed the Charter of Diversity, and that means it became very visible outside how we are committed to diversity and inclusion. In Germany, Covestro has been working with the PROUT AT WORK Foundation. They work against homophobia, transphobia, and biphobia. Since 2020, Covestro has started the Komm, mach MINT, which is an action to get more in MINT: math, IT, natural science, and technology. I'd like our supervisory board. Here, we want to have as much diversity as possible. This includes personal background and professional experience, but also internationality as a ratio amongst the genders in our group. With the election of Lise Kingo to the supervisory board, this is an action going right in this direction. We have an international body, and we want to have a balanced composition of men and women, both on the shareholder representatives' side and representatives' side. At our next supervisory board meeting, we will be dealing with diversity at Covestro. This will be a separate agenda item, and this will be together with the entire board of management as well as ours. We will be discussing the current status, our ambitions. He would first like to ask about the Resins and Functional Materials, RFM, from DSM, and sees that supplementing Covestro's portfolio with sustainable coating resins positions us well for the transition. The questions here: What value is expected by the time this is completed in the transformation period of 2023? Well, Mr. Schmidt, we've understood your question in the following way. When you refer to the transformation, you are talking about the first three years of the RFM integration. The acquisition on the 1st of April this year, which is the starting point for integration and added RFM business, should be generating EBITDA of EUR 150 million in 2021. In addition, we measure the value contribution of the acquisition incremental EBITDA, in other words, synergies between the two businesses. For 2021, the amount of about EUR 10 million, and for 2022, we expect an amount of approximately EUR 18 million, and for 2023, the amount should be about EUR 80 million. Two-thirds of synergy potential amounting to EUR 120 million. The whole synergy potential should be available in 2025 and should be at around this amount. The value contribution in 2023 should be generated above all by cost savings. Mr. Schmidt asked about the specific skills and innovations that Covestro obtained as a result of sustainability due to this acquisition. Thank you, Mr. Schmidt. About 85% of RFM business is based on more sustainable and water-based coating technologies, fossil fuel and solvent-based coatings. With the acquisition, Covestro is not only producing more sustainable products, but also with the staff at RFM, we can know-how so that we can also expand this portfolio with R&D. The acquisition has three innovation businesses with a clear focus on sustainability. Niaga business deals with development of materials, which can help recycle mattresses or cars. And business with additive manufacturing develops sustainable solutions for 3D coatings, produces special coatings which can increase the efficiency of solar, and can result in lower energy costs for the end user, the consumer. Mr. Schmidt would also like to know if Covestro is planning on additional portfolio additions or diversions in the next 12 months, and if so, to what extent. Thank you very much, Mr. Schmidt. In the next 12 months, we will work on the integration of our RFM business and implementation of the planned synergies and additional portfolio additions or diversions are planned. Of course, however, Covestro will continue to watch the market for any possible acquisitions that might result. Mr. Schmidt, how high the borrowed capital component was for this acquisition and what conditions were in place? Mr. Schmidt, when preparing the announcement of the RFM acquisition in 2020, we concluded an acquisition bridge financing to the tune of EUR 1 million with the two banks. Now, this bridge financing is to apply from the acquisition until the price has been paid. Now, according to the original planning around EUR 1 million, which is around one-third of the acquisition bridge financing, would be raised by means of. Now, the significantly improved earnings since 2020 means we didn't need to have a refinancing of borrowed capital and allowed Covestro own liquidity for the refinancing. The entire purchase price will be paid on the 1st of April 2021 from our own liquidity. And the proceeds from the capital increase of around EUR 450 million, which was concluded as planned. 2020, the acquisition bridge financing has not been used, and the agreement has been terminated. The acquisition bridge financing, we incurred costs in the single-digit million EUR range. He was also asked about the changes to the dividend policy, which now requires that group earnings be a parameter for determining the level of the dividend. He's asked about the motivation behind this decision. Mr. Schmidt, as I said during my presentation, the board of management has decided to. Repayment from Covestro. Now, hitherto our dividend policy was based on confidence. With the new dividend policy, our shareholders will directly participate in the current level of corporate success that we enjoy. Now, this fits in much better than for our current business model. In years with high earnings, we tend to withdraw but are still able to pay out high dividends. Whereas in challenging years, the payout is at the upper end of the corridor. This ensures that our dividends will always receive an attractive dividend. I'd like to cite years 2017 and 2018 as an example to underline this. Years when we had record earnings, the dividend, according to the previous dividend policy, came in at EUR 2.20 respectively. Now, these were higher absolute figures than the dividend proposal for fiscal 2020. However, the payout ratios were a mere 22% and 24% respectively. Now, if you transfer the lower threshold of the new payout ratio at 35%, then the current dividend policy would have resulted in a higher dividend for these record years. Mr. Schmidt also says that DWS cannot agree to the measures for two reasons. Now, the volume is within its limit. Maturity over five years exceeds the maximum period of three years. Furthermore, its exclusion is not individually or cumulatively limited to 10% of share capital, but only obligation. It's only part of a self-obligation of the board of management and the supervisory board. WS expects a clear rule in the articles of association about this. Mr. Schmidt would like to know what the proposed capital measures are. Now, specific plans for the use of the new authorized capital 2021 are not currently in place, but in each case, the board of management will look to check the utilization of authorized capital that serves the interests of the company and its shareholders. We're behaving very restrictively with our authorized capital, which was shown by our capital increase within the framework of the RFM acquisition in the year 2020. As I said earlier, we issued 10.2 million shares with gross revenue of EUR 1 million. Now, if you look at our leverage ratio, then this was ideal in order to obtain our investment grade rating provided by Moody's. Because a solid investment grade rating needs to be asked about corporate governance. Last year's AGM, DWS spoke about the situation of Ms. Bortenlänger and Dr. Nonnenmacher and criticized this and said that nothing had changed. Mr. Schmidt said that the attendance rates for the member of the Supervisory Board proved that in addition to Mr. Thomas, Dr. Bortenlänger, and Professor Dr. Nonnenmacher, did not take part in all of the Supervisory Board meetings and the committee meetings. Therefore, Mr. Schmidt would like to know which meetings the aforementioned Supervisory Board members did not participate. As I said in my speech as part of the Supervisory Board report, basically all of the Supervisory Board members participated in the Supervisory Board and committee meetings, and just in a small number of exceptions, individual Supervisory Board members were not able to attend. Now, Dr. Bortenlänger was not able to attend on the 18th of February 2020 because she had another appointment that did not allow her to. Now, we also had a special meeting on the 29th of September that was convened at very short notice, and Dr. Bortenlänger and Professor Dr. Nonnenmacher were not able to attend because they had other appointments. Mr. Thomas, due to another appointment, was unable to attend the meeting on the 8th of October 2020, but as soon as he had been appointed to the supervisory board on the 30th of July 2020, he told us he would not be able to attend on the 8th of October 2020 because he had a supervisory board meeting for another company on that date. Now, what I'd like to say at this point is that for a group of people consisting of 12 supervisory board members and four board of management members, appointments that are convened at very short notice are very challenging, and in my experience, it's not possible to ensure that every single member can attend every single meeting. In this context, Mr. Schmidt would also like to know whether any resolutions were adopted during these meetings. Dr. Bortenlänger, as I mentioned, was not able to participate in our meeting on the 18th of February 2020. Now, at this meeting, there were resolutions about the annual financial statements, Covestro reports, and also for the proposal for the use of distributable profits. An extraordinary meeting of the Supervisory Board on the 29th of September 2020, as I said previously, Dr. Bortenlänger and Dr. Nonnenmacher were not able to attend. Now, during this meeting, resolutions were adopted about the acquisition of resins and functional materials from DSM and also the financing for the acquisition and the capital increase. Now, in the meeting on the 8th of October 2020, which Mr. Thomas was not able to participate in, no resolutions were adopted. Mr. Schmidt would like to know whether there were any proxies for these three Supervisory Board members. Now, because we were aware prior to these meetings that the aforementioned members would not be able to attend, then for these two meetings in which resolutions were to be adopted, we held briefings for these supervisory board members with myself and the board of management. This allowed us to ensure that the supervisory board members, Dr. Bortenlänger and Prof. Dr. Nonnenmacher, were able to cast their votes based on plenty of information on the resolutions that were to be adopted. Now, Dr. Bortenlänger participated as a guest at the audit committee meeting on the 17th of February 2020. Now, during this meeting, the key topics that would be discussed on the next day when Ms. Bortenlänger would have been able to attend were discussed at length. Because of this, Ms. Bortenlänger was able to cast her vote based on sufficient information that she received. Now, on the 28th of September, a meeting took place between Dr. Bortenlänger, Dr. Nonnenmacher, the entire board of management, and myself prior to the 29th of September 2020 meeting. This was the meeting at which we had the adoption of the resolution for the acquisition of resins and functional materials from DSM and also the financing and capital increase required for this purpose. Now, based on the comprehensive information provided to these two supervisory board members, they were able to provide their votes based on plenty of information. Now, one thing I would like to add to conclude. Now, whether or not supervisory board members attend all or not all of the meetings, all of the documents are provided with plenty of notice prior to the meetings. As such, if our supervisory board members are unable to attend the meetings, then they have plenty of information available to cast their votes in their absence. Mr. Schmidt said that he would like to speak about the remuneration system proposed for the AGM. DSM and DWS supports this. However, what's notable is that the sustainability criterion, specifically for CO2 reductions, only relates to Scope 1 emissions. For this reason, Mr. Schmidt would like to know why it's only based on Scope 1 and not on Scope 2 emissions, which are more extensive. Mr. Schmidt, thank you very much for your question. Now, Scope 1 emissions, according to the Greenhouse Gas Protocol, all direct greenhouse gas emissions are included, which are produced directly from production processes in our own plants. Whereas, when it comes to Scope 2 emissions, these emissions come indirectly from the sources from which we derive our energy. Now, Covestro continues to aim to make a contribution to reducing greenhouse gas emissions. As soon as Covestro was founded, we committed to a goal of reducing specific greenhouse gas emissions. Now, in the transformation of industry, which takes place over the next few years, we will set even more ambitious goals, and these will look at absolute reduction targets. As such, Scope 1 reduction targets are considered to be absolute reductions. Now, when it comes to Scope 2 emissions, for the next few years, we have a lot of work ahead. Now, the projects in place usually require a certain period of time before they can be implemented. It's expected that they will only make their presence felt after the expiry of the performance period. But we will expand the sustainability target to other emissions levels, to Scope 2 and Scope 3. Now, as the next step, our focus will be on Scope 2 emissions, and there have already been progress when it comes to looking at Scope 3 emissions as well. Furthermore, Mr. Schmidt would like to know how advanced Covestro's efforts are in providing reliable Scope 3 reporting. Now, the Greenhouse Gas Protocol distinguishes between greenhouse gas emissions, as I said, with Scope 1, Scope 2, and Scope 3. We have been reporting Scope 1 and Scope 2 emissions for a number of years now. We transparently show our progress when it comes to emissions reduction and are also intensifying our efforts. Now, Scope 3 comprises emissions which come from our upstream and downstream value chain. Solutions in the Circular Economy, particularly when it comes to Scope 3 emissions, make a significant contribution to reducing greenhouse gas emissions, which is why, as part of our group-wide strategy program, Circular Economy, we are focusing intensely on the correct calculation and targeted reduction of said Scope 3 emissions. Now, we are currently implementing measures for establishing a reliable Scope 3 reporting system. In this context, Mr. Schmidt would also like to know when we can expect the first report on these emissions. I think your question was referring to the reporting of Scope 3 emissions according to the Greenhouse Gas Protocol. Now, we expect that next year we will be reporting on Scope 3 emissions. Mr. Schmidt would also like to know when the Supervisory Board, as explained on page 32 of the invitation to the AGM, will establish goals for Scope 2 and Scope 3 greenhouse gas reductions. As I said, now, for future tranches of long-term variable remuneration, the sustainability factor of Scope 1 will be expanded. But our focus, to begin with, will be on Scope 2 emissions. When it comes to Scope 3 emissions, we have already made progress, and what we will now be doing is finalizing the methodology and processes for our Scope 3 reporting. On this group of subjects, Mr. Schmidt has also asked whether, in the short term, climate targets are going to be published in cooperation with the Science Based Targets initiative. As part of the evolution of our targets for the reduction of greenhouse gas emissions, we have looked in detail at the method of what is called the Science Based Targets initiative. This offers a framework for companies to express their targets so that they are in line with the ambitions of the Paris Agreement. In the evolution of our emission reductions targets and in designing our reporting, we therefore, of course, take into account the principles of the Science Based Targets initiative. A review and approval of our targets by the Science Based Targets initiative is an option which we will make a judgment on at a later point in time. Finally, Mr. Schmidt from DWS has questions about the conducting of this AGM. How many questions did Covestro receive for this AGM? How many are going to be answered by the company? What criteria do you use for answering them? Yes, I'd be pleased to answer this question. For today's virtual AGM, we received 88 questions from our shareholders. As was the case last year, we will be answering all of the questions asked this year too. With regard to the order of answering them, as I said when we began, we basically follow the order in which the questions were received at our investor portal. Shareholder Gottfried Arnold also has questions in the context of the carbon dioxide pipeline. He wants to know whether the company has announced to Covestro shareholders whether a CO pipeline rupture could mean the end of Covestro. Mr. Arnold, as I already said in my answers to Mr. Masek and Mr. Dhonda in great detail, we believe that the pipeline from Dormagen to Krefeld-Uerdingen is a strategically correct investment which makes economic sense. Not only will it secure the competitiveness of our entire system of integrated plants in North Rhine-Westphalia, but it will also make a major contribution on our path toward climate-neutral production. In this context, we've developed a safety concept for our pipeline, and this complies not only in many, many ways technical requirements that apply now in many areas, also it goes beyond existing regulatory requirements and standards. This was most recently expressly confirmed by the decision of the Higher Administrative Court in Münster in its decision from the 31st of August 2020, and for us, therefore, there is no reason to send out any announcement to our shareholders such as the one you mentioned. Mr. Arnold also is asking whether or not Covestro shareholders know anything about an expert economic opinion with regard to what is called a CO2 reformer for supplying carbon dioxide to Krefeld-Uerdingen, whether or not that would be lower cost than building a CO pipeline. Mr. Arnold, in this question, you're apparently referring to a report from the Institute for Environmental Analysis Project, GmbH, and the Institute for Water and Energy dated 2014. Back then, it was commissioned by the Environmental Minister for the State of North Rhine-Westphalia at the time, Johannes Remmel. This opinion, in our opinion, has numerous flaws in terms of contents and methods. For instance, the data used for the expert opinions is insufficient because they only use the data from existing approvals and licenses and completely misunderstood the N-1 principle. The N-1 principle is a principle which is a well-known principle for supply safety and security, according to which it's important and absolutely necessary to have at least two supply sources. For us, that means that switching off the existing coke gasification plant in favor of just one single supply source for the new carbon dioxide reformer in Krefeld-Uerdingen is something that cannot be considered. This point of view was proved from an economic standpoint by the expert opinion from Professor Karl on the 22nd of September. This looks at the micro and macroeconomic significance of the CO pipeline, and back then, it was commissioned by the district government in Düsseldorf. The Münster Higher Administrative Court also stated that it considers this expert opinion to be coherent. Finally, Mr. Arnold asked whether it would make more economic sense to generally avoid the transport risk of carbon monoxide so we could avoid the costs for years of litigation and the loss of image. As I said in answering your first question, for us, it is absolutely certain that it makes economic sense for us to have the pipeline from Dormagen to Krefeld-Uerdingen. In our point of view, we were supported in this by the expert opinion from Professor Karl in September 2008, which I also just explained to you in my previous answer. The pipeline rounds off our integrated system of plants for carbon monoxide supply at our plants in North Rhine-Westphalia, adding now our production facility in Krefeld-Uerdingen. Also, in answering my questions to the questions from Mr. Masek and Mr. Donda I stated that pipelines, in our point of view, are the most suitable means of transport for liquid and gaseous substances from an environmental and safety point of view. The safety concept for our pipeline complies in a multitude of ways with technical requirements, but in addition to that, it goes beyond existing regulatory requirements and standards. Now, of course, we did not wish for the years of litigation, but we have always been open, patient, and fair in handling these. Now, you've claimed there's been a loss of image for the company, but we do not see that. There is a very clear decision from the Higher Administrative Court in Münster from the summer of 2020. In addition to that, we have received much support for our prudent, balanced, and very transparent handling of this project in years past. And this has always supported us in our determination to continue with it. This pipeline, as I said, will contribute to climate-neutral production at the company and enhance the competitiveness of our integrated system of plants in North Rhine-Westphalia. Our well-known safety culture and our major experience in the safe handling of carbon monoxide and in operating pipelines make it possible to safely operate this pipeline. The following questions are all from Matthias Gaebler. He'd like to know how many lobbyists Covestro has in Germany and in the rest of the world. In detail, he's asking what the costs for lobbying were in 2019 and 2020 in Germany and around the world. Well, I'd be pleased to answer that. Our business is characterized by what is going on in politics, and we want to be a part of the decision-making. We want to make it possible for lawmakers to make the decision on the basis of good information. And we have a code of conduct for lobbying, and what we do is in the context of that. We have 11 voluntary commitments there. Covestro is involved, in particular, in lobbying for chemicals, environmental, and energy policy, and also in innovation and educational policy. So we don't just look at lobbying in chemicals subjects. In 2020, Covestro had three liaison offices, one in Washington, in Berlin, and Brussels. The lobbying activities are published in the corresponding transparency registers. Our employees are bound by the guidelines of each of these registers. Last year, we had a total of eight lobbyists working in our three liaison offices, including two in Germany. In 2019, that was a total of nine lobbyists, two in Germany. The lobbying costs for the liaison offices of Covestro in Washington, Berlin, and Brussels in 2020 were about EUR 3.2 million, which includes HR office material and projects costs. In 2019, the corresponding costs were about EUR 3 million. And of that amount, in 2019 and 2020, there were EUR 0.6 million in each year for the office in Germany. He also asked whether or not Covestro is having any difficulties or major additional expenditures in preparing and handling orders of projects and supply chains, and he is asking for additional details if there are any. Well, I can answer that. As we've said many times, the coronavirus pandemic has had a major impact on Covestro's business in 2020, including as a result of the major decline in demand in the first half of the year. This influence is reflected in the major declines in revenue and earnings in the first half of 2020. Unplanned interruptions in our supply chains in our industry are an everyday matter. In fiscal 2020, this influence, such as the supply chain interruptions as a result of hurricanes in Mexico, were of secondary importance compared to the effects of the global pandemic. In fiscal 2021, in this context, we can mention the freezing that occurred as a result of the cold wave in Texas in the United States in February. And this happened at many industrial production facilities as a result of supply chain interruptions. We had to declare force majeure for many key product groups, and since then, we've only been providing restricted deliveries to our customers. And according to our current estimations, the results will be impacted by a medium to high eight-digit figure. These factors have been included in our financial outlook for 2021. Mr. Gaebler is interested in whether there is short-time working going on at any plants or whether there were or are any plants that have been or are being shut down in short-term, and whether or not Covestro is topping up any short-time working allowance that's being paid by the state and whether that's being done on the basis of income brackets so that higher allowances will be paid for lower income brackets and lower allowances will be paid for higher earnings brackets. He asked us what the brackets are. Well, we never had short-time working at Covestro, nor did we take any other government support in Germany. At Covestro, we have not closed down any sites either. As a result, we don't have the question about whether or not we topped up the short-time working allowance or whether the follow-up question as to the back payments that this might have involved. This shareholder has asked whether a workforce reduction can be expected as a result of the Corona crisis, and he would like to have details about that, and he wants to know whether or not the workforce reduction is happening in Germany or abroad. We can say that in 2020, we quickly and comprehensively reacted to the impact of the coronavirus pandemic. We were able to act at all points in time, and in particular, in the second half of 2020, we achieved convincing results. As I've already said, there were and are no workforce reductions as a direct consequence of the coronavirus pandemic. Furthermore, Mr. Gaebler asks what manpower turnover was in the reporting year and the previous year. We can say this: in the reporting year 2020, employees left the company. If we look at the mathematical factor of FTE, 1,367 of them left in 2019. The turnover was 1,146 FTE. This was a departure rate of 7.9% and 6.5%, respectively. To calculate the departure rate, all of the terminations by employee and employer, including the departure as a result of the sale of divisions and the end of limited employment and also retirements a nd deaths. This is all turned into FTE. When it comes to taxes, he asked the following question: how much did the company and all domestic companies pay in terms of taxes in the period under review, and how can this be broken down according to the five largest types of tax? He'd like to have detailed information on the different types of taxes that should be taken into account in your answer. Okay. Well, we can say the following: for fiscal 2020, the following taxes were paid in 2020. For Covestro AG, payroll taxes of EUR 12.3 million, insurance taxes EUR 3.4 million, vehicle tax EUR 4,150 for 22 vehicles, and due to different we have no individual values for corporate or trade tax. For all of the domestic companies in the group, including Covestro AG, a total of EUR 207 million were paid in taxes. The five largest aspects are payroll taxes: EUR 178.9 million, trade tax EUR 12.7 million, electricity taxes EUR 5.0 million, and the amount of electricity was 3.1 million megawatt-hours, property tax EUR 4.2 million, and insurance tax amounting to EUR 3.4 million. This shareholder, Mr. Gaebler wants to know how much was paid in terms of taxes, social insurance, and old-age retirement was paid in terms for the domestic employees for the company. The amount of payroll taxes for all of the employees amounts to EUR 178 million, and the amount of the employees' contributions for all of the Covestro group amounts to EUR 73.4 million. He would also like to know whether the profit and loss agreement, whether these have already been taken in full, what share was left at the subsidiaries if that was the case. If this is the case, the shareholder would like to know where losses were adopted from which companies, and he wants to know what the reasons for this and what was done or what will be done in order to return these companies to the profit zone. In Germany, we have three companies in the group which have a profit and loss transfer agreement with the parent company, Covestro Deutschland AG, Covestro GmbH, and Covestro Brunsbüttel Energie GmbH. Earnings from Covestro Deutschland AG and Covestro Brunsbüttel Energie GmbH were paid for 100% in the parent company. With regard to Covestro GmbH, 82% of the profit was taken in by the parent company because 18% had to stay with the company due to a so-called payout block in accordance with Section 268, paragraph 8 of the German law. In fiscal 2020, there were no losses that were assumed from profit and loss transfer agreements. Mr. Gaebler would also like to know if there will be any problems with financing or any follow-on financing problems. On the 31st of December 2020, Covestro had cash and cash equivalents as well as current financial assets amounting to EUR 2.5 billion. An unused syndicated line of credit amounted to EUR 2.5 million, as well as a Moody's issuer rating of Baa2 with a stable outlook, allow us to have access to additional liquidity if needed. But Covestro, from its cash and cash flow, can meet all of the liabilities in 2021. That is why we see no problems when it comes to refinancing anything. He would also like to know to what extent Covestro would have to adapt its costs as a result of the crisis. We can say that in order to counter the negative impact of the pandemic, in fiscal 2020, short-term cost savings amounting to EUR 360 million were achieved. 220 of this were cost cuttings compared to the previous year and EUR 140 million with regard to long-term savings as part of our efficiency program perspective. Short-term savings resulted, for example, due to the fact that there were fewer traveling costs and lower operating costs. Mr. Gaebler also wants to know the extent of investments being shortened or delayed. He'd like to have a detailed presentation with a couple of examples. As a reaction to the pandemic, in fiscal 2020, Covestro's investment budget went from EUR 900 million and was reduced to EUR 700 million euros. This reduction was primarily due to the shift in time of investment products. They were postponed to a later period in time, for example, an expansion investment in China in the polycarbonate section. He also wants to know about any financial defaults that Covestro expects due to the corona crisis. Defaults resulting from the pandemic can only be approximated because you're comparing actual figures with planned figures. The volumes in core business at Covestro declined by 13.6% compared to the previous six months. Our original budget had expected growth for this period. The difference from planned growth and the actual decline is something that we can attribute primarily to problems resulting from the pandemic. Since the third quarter, however, Covestro is growing on a year-on-year basis. The shareholder would also like to know how many employees in Germany, apart from the board of management, have a gross annual income of more than 120,000 EUR, more than 250,000 EUR, and more than 500,000 EUR, and he'd also like to know how these figures have developed compared to the previous year. In Germany, 897 employees had a gross income of more than 120,000 EUR in 2020, and in 2019, this figure was 1,613 employees. An annual gross income of more than EUR 250,000 was given to 38 employees, and in 2019, it was 129, and three domestic employees had a gross annual income of more than EUR 500,000, and this figure was 19 employees in 2019. Mr. Gaebler would also like to have some information as to whether important KPIs have been met and what consequences would this have. As I can say that in fiscal 2020, all of our key KPIs were adhered to, so there are no consequences as a result of any credit requirements that could not be met. He would also like to have a broader bandwidth with regard to the banks and the terms and conditions of any credit lines that you have. What we can say here, returning to lines of credit with regard to committed credit lines, is something that we had a total of a syndicated credit facility amounting to a total of EUR 2.5 billion. This credit facility is provided at equal amounts by 16 banks. The banks are Banco Santander, Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, Commerzbank, Credit Suisse, Deutsche Bank, ING, J.P. Morgan, Landesbank Hessen-Thüringen, Morgan Stanley, Société Générale, Sumitomo Mitsui Banking Corporation, Standard Chartered, and the UniCredit. The terms and conditions of the loans depend on the use of the credit line, the credit rating, and the development of the ESG rating. At this point in time, the interest was clearly below 1% per annum. At this point in time, there was still a reduced acquisition line of credit amounting to EUR 1.2 billion, which was terminated at the end of 2021. This facility was provided by basically an identical group of banks, and it had basically the same price mechanisms. In addition, Covestro also has binding credit lines as of 31st of December 2020 in some of the domestic companies. Publication of the credit and the bank names and the terms could then make it more difficult for us to come to attractive terms and conditions in the future. That is why we beg you to understand that we cannot publish this information. The shareholder would also like to know at what level and which banks in 2019 and 2020 Covestro paid negative interest rates to and what was done in order to avoid this. Now, as part of our liquidity management, surplus liquidity is passed on to the market, and Covestro uses its 16 bank partners for this, which will provide a credit facility. These 16 banks were mentioned in my previous answer. Now, in the current market environment, we also invested in negative interest rates in 2019, a figure of less than EUR 1 million incurred negative interest in 2020, less than EUR 5 million. Mr. Gaebler would also like to know how many employees were working at home prior to the outbreak of the coronavirus and how many in Germany are currently working from home. He would also like to know to what extent Covestro is ensuring that the majority of work can be performed from home as required by the government. He would also like to know, over the long term, how much in cost can be saved after the coronavirus crisis if 10% of working hours are served in working from home. I'd like to answer each of these questions individually. To start with, you asked how many employees prior to the outbreak of the coronavirus crisis were working from home. Now, before the outbreak of the coronavirus pandemic, it was permitted for Covestro employees to perform their work from home. They could do so in the office or at home, in fact. We do not have a reliable figure to tell you what the breakdown was exactly. Now, you asked how many workers in Germany are currently working from home. Around 3,500 of 7,500 Covestro employees in Germany are working from home, and they are administrative employees. Around 4,000 are either working in production or in our laboratories. All of the employees at Covestro at our German sites whose presence is not required to maintain operations of our business and who are able to work from home are required to work from home. Now, for employees here, and this includes employees in production at our plants and also in research and development and in the laboratories, we have extensive hygiene protocols. Please understand that due to the dynamically changing situation, we can't give you any more specific figures than this. You also asked to what extent we are following the requirements of the government to allow as much as possible to be done from home. My response to this question: when the pandemic began, we quickly expanded our pool of conference tools and also increased the capacity of VPN servers to expand mobile working. Furthermore, office workers were able to take their digital IT infrastructure home as well to work from there, and anybody whose presence is not required is encouraged to work from home. You also wanted to know, over the long term, how much can be saved in terms of cost if only 10% of working hours are performed from home. We do not have any calculation at the moment, but it's an idea that we will look into. Mr. Gaebler would also like to know how many employees of Covestro, their domestic subsidiaries, and also foreign subsidiaries have been infected with the coronavirus thus far. He also wants to know whether there have been any fatalities and whether their families have received financial support. He would also like to know how many working days have been lost at Covestro, its domestic and foreign subsidiaries as a result of quarantine measures, and whether there were any plant shutdowns as a result of coronavirus outbreaks. I would like to answer these questions one by one. To respond to your first question as to how many employees of Covestro, its domestic and foreign subsidiaries have suffered from a coronavirus infection to date, we would like to say that the protective measures that were introduced for our 16,500 employees at our different sites are very effective and have meant that we've been able to break chains of infection extremely quickly. That said, since the beginning of the pandemic, 699 employees globally have suffered from a coronavirus infection, 627 of whom have now recovered. Now, unfortunately, thus far, three employees have died as a result of a coronavirus infection, and as a company, tragic cases such as this, we provide support to their families in various forms. You also asked how many working days were lost due to quarantine measures and whether individual production sites or facilities had to be shut down. We said that we do not keep figures on this. A lot of administrative employees are able to work from home normally, even if they are in quarantine. At the peak of the first wave, the Italian government imposed a comprehensive lockdown, and as such, we had a three-week shutdown at our facility in Filago in Italy. Mr. Gaebler would also like to know what type of negative share price effects we can anticipate. Based on today, we believe that the following factors could impact our share price negatively. It would be a significant slowdown in the global economy and also a weakening demand of our customer industries and our products. Furthermore, any unscheduled production shutdowns, which could lead to lower volume growth than expected. Furthermore, higher competitive and margin pressure, as well as unexpected integration costs resulting from the RFM business, which could lead to a significantly lower earnings level and cash flow than planned. Now, the shareholder would like to know what the updated earnings and sales forecasts are for the current year and would like to have specific figures for this. Yes, we'd be happy to do this. Currently, for fiscal 2021, Covestro forecasts EBITDA of between EUR 2.2 billion and EUR 2.7 billion, volume growth in core business of 5%-10%, free operating cash flow of EUR 1.3 billion to EUR 1.8 billion, and a return on capital employed between 12% and 17%. What's taken as current in the outlook is the acquisition of RFM from DSM as of the 1st of April 2021. What isn't factored in are one-off charges relating to the transformation program LEAP that could potentially be incurred. Mr. Gaebler would also like to know how high EBI was in 2020. You asked about EBI, which is our earnings after income tax without taking into account the financial results. Now, EBIT, which is earnings before the financial result and interest and taxes, came in at EUR 696 million. Now, taking into account income tax expenses of EUR 151 million, EBI came in at EUR 545 million. Another question was what level is the non-operational capital, what the level of non-operational capital is at the company and the group overall. He would also like to know how many non-operational pieces of art or assets are possessed by the company. He would also like to know what their overall value is. So we believe that firstly, you would like to know about non-operational assets possessed by Covestro and the Covestro Group as of the 31st of December 2020, and also about pieces of art or similar assets owned by Covestro and their domestic subsidiaries as of the 31st of December 2020. As of the 31st of December 2020, Covestro did not own any non-operational assets. Furthermore, Covestro and its domestic subsidiaries did not own any pieces of art or similar assets. Now, the book value of the pieces of art and the real estate held as financial investments by the Covestro Group as of the 31st of December 2020 was increased to EUR 13,000 at EUR 24 million. Mr. Gaebler would like to know what the investment plan is for the next five years and would also like a breakdown between classical investments and tapping into new fields of business. Now, for the current fiscal year 2021, we expect investments to the tune of around EUR 800 million, of which EUR 350 million to EUR 400 million will be spent for maintenance and repairs, and the difference for this will be spent on growth initiatives. Over the next four fiscal years, we currently anticipate annual investments which will lie between this figure and around EUR 1 billion. Now, the actual level in a given year depends on short-term planning and the implementation of individual investment projects. We do not provide a breakdown of planning for classical and conventional and new fields of business. He would also like to know how many Wirecard shares were purchased, at what price by Covestro before the uncovering of the scandal, and this relates to pension plans or working capital. I would also like to know what the level is today. The shareholder would also like to know what the asset losses were from this and whether the positions were sold after the 1st of January 2020. Now, the Covestro nor the Covestro Group had a direct interest in Wirecard in the form of shareholding in the years 2019 and 2020. As such, we did not incur any losses in assets in connection with the insolvency of Wirecard. Herr Gaebler erbittet Auskunft darüber, in welchem Umfang Vermögenswerte der Gesellschaft an Banken für Kredite verpfändet wurden, beziehungsweise wie hoch das unbesicherte Vermögen ist. The shareholder would like to know about assets that were collateral for banks. I can say that on the 31st of December 2020, the loans at Covestro AG were EUR 225 million. None of the assets were pledged to the bank, and so none of the assets of Covestro AG worth EUR 7.189 billion were pledged to banks as collateral. He also asks about the equity ratio on a monthly basis in the last 24 months and how that has developed. The equity ratio developed in 2019 is as follows. The numbers are in%: January 49.6%, February 50.0%, March 46.4%, April 44.1%, May 44.5%, June 44.6%, July 45.0%, August 45.1%, September 45.3%, October 45.1%, November 45.3%, December 45.6%. Then, for 2020, we have the following percentages: January 46.5%, February 46.7%, March 47.0%, April 48.2%, May 48.1%, June 42.1%, July 39.8%, August 40.5%, September 41.3%, October 43.9%, November 43.9%, and December 43.7%. He also asked whether or not there was a need for write-downs in the reporting year as a result of impairment tests and during the course of 2021, and if so, to what extent. We could say that in the framework of the impairment tests conducted at the group level on 1st of October 2020, there was no need for impairment losses, neither for goodwill holding or cash-generating units, nor for any other non-current assets. Additional impairment tests on the 30th of June 2020, carried out by Covestro due to possible consequences of the coronavirus pandemic, also indicated that there was no need for impairment losses. Based on the impairment tests at the level of the individual financial statements based on local accounting rules and for Covestro AG and also Covestro Deutschland AG, there was no need for impairment. The planned sale of our system house business in fiscal 2020 in the United Arab Emirates led to an impairment of 16 million EUR. In the Covestro Deutschland AG results, as of the 31st of December 2020, the impairment was 4 million EUR. In addition to that, a participation or holding in Covestro Intellectual Property GmbH & Co. KG in Leverkusen worth 7.5 million EUR was impaired. That was an impairment loss for Covestro Deutschland AG, and both of these impairment losses were done on the reporting date, taking account into legal requirements, but in formal terms, they were not within the framework of regular impairment tests for the current fiscal year 2021 at the point in time of the AGM. Neither at the group level nor at the level of any individual companies of Covestro AG or Covestro Deutschland AG were impairment losses booked. The shareholder also asked, "What was your biggest loss during the fiscal year, and was it covered by the insurance company?" I can say that on the 11th of July 2020, there was an unpredicted production disruption on production line one at the MDI plant in our factory in Krefeld-Uerdingen. As a result, the line had to be shut down from July 2020 to February 2021, or not shut down, but reduced output, and the maintenance work has been done, and they were done during operations. They've been concluded now, and the loss there was compensated for to a great extent by internal supplies and external purchases, and the loss was below the deductible for that insurance policy, and so we were not given any remuneration by the insurance company. Mr. Gaebler also asked about further information with regard to the ownership of companies in the ownership list. First of all, revenue in euros and change compared to the previous year. Then, earnings in euros prior to appropriation of loss and earnings and percentage change compared to the previous year. C, number of employees and change in% compared to the previous year. D, total equity in euros and change in% compared to the previous year. E, what measures were taken by the board of management, supervisory board, if there were any negative changes in A to D? And with regard to the individual financial statements, it's enough if Covestro were to restrict this to the three biggest companies. Well, Mr. Gaebler, thank you for your question. You asked about explanation of the companies in Covestro AG's ownership and holding list. Due to all of this information, we will restrict this to the three biggest companies in terms of sales and also the ones with the three biggest losses. With regard to the non-consolidated revenues, the biggest three companies are number one, Covestro Deutschland AG Leverkusen; number two, Covestro LLC Pittsburgh, Pennsylvania, USA; and three, Covestro Polymers China Co., Ltd. in Shanghai, China. The following holdings had the biggest negative preliminary annual results. First of all, S.L. Ent B.V. Amsterdam, Netherlands. Second, LyondellBasell Covestro Manufacturing Maasvlakte VOF in Rotterdam, in the Netherlands. And then number three, PO J V, L.P. in Wilmington, Delaware, United States. The revenues for the first three companies mentioned are in thousands of euros for 2020 as follows: 4,530,737 for Covestro Deutschland AG. The change is minus 16.6% compared to fiscal 2019. 2,766,366 for Covestro LLC. The change is minus 60% compared to 2019. 2,493,255 for Covestro Polymers China Co. Limited. The change is minus 9.2% compared to the previous year 2019. The preliminary earnings in thousands of euros for the first three companies mentioned for 2020 are 76,639 for Covestro Deutschland AG. The change is minus 89% compared to fiscal 2019. 77,291 for Covestro LLC. The change is minus 29.1% compared to the previous year 2019. 232,720 for Covestro Polymers China Co. Limited. The change is minus 13.4% compared to the previous year 2019. The number of employees at each of the first three companies mentioned for 2020 is 6,943 for Covestro Deutschland AG. The change is plus 1% compared to the previous year 2019. 2,422 for Covestro LLC. The change compared to the previous year is minus 7.3% compared to 2019. 1,666 for Covestro Polymers China Co. Limited. The change is minus 27% compared to the previous year 2019. The total equity in thousands of euros for the first three companies mentioned in 2020 was 1,782,686 for Covestro Deutschland AG. The change is 0% compared to the previous year 2019. 1,188,615 for Covestro LLC. The change is minus 7.8% compared to the previous year 2019. 1,797,016 for Covestro Polymers China Co. Limited. The change is minus 0.5% compared to the previous year 2019. In addition to that, we can tell you as follows the data for the three holdings that had the highest negative preliminary annual result. The revenues for the last three companies mentioned are in thousands of EUR for 2020 as follows: 167 for S.L. ENT B.V. The change is plus 16,600% compared to the previous year 2019. 298,366 for LyondellBasell Covestro Manufacturing Maasvlakte VOF. The change is minus 3.9% compared to the previous year 2019. 0 for PO JV, L.P. because as a result of the business model, the company does not generate any revenues. The preliminary results in thousands of EUR for the last three companies mentioned for 2020 is minus 6,010 for S.L. ENT B.V. The change is minus 62.9% compared to the previous year 2019. Minus 7,677 for LyondellBasell Covestro Manufacturing Maasvlakte VOF. The change is minus 1,841.5% compared to the previous year 2019. Minus 58,791 for PO JV, L.P.. The change is 0% compared to the previous year 2019. The number of people working at each of the last three companies mentioned for 2020 was 36 for S.L ENT B.V. The change is plus 9.1% compared to the previous year 2019. LyondellBasell Covestro Manufacturing Maasvlakte VOF formally does not have any of its own employees, and PO JV, L.P. does not have in formal terms any of its own employees. The equity in thousands of euros for the last three companies mentioned in 2020 was minus 9,602 for S.L. ENT B.V. The change is minus 69.6% compared to the previous year 2019. 139,010 for LyondellBasell Covestro Manufacturing Maasvlakte VOF. The change is plus 49.2% compared to the previous year 2019. 358,445 for PO JV, L.P.. The change is minus 17% compared to the previous year 2019. You also asked about the measures that board of management and supervisory board takes if there is any negative variance with regard to the items A to D. A, revenue. D, equity. As is the case for Covestro Deutschland AG, Covestro LLC, and Covestro Polymers China Limited act in their local markets, and so they are subjected to fluctuations in development of revenues, and their equity reflects that the number of people employed is within the normal framework in their dynamic market environments. With regard to China, there was also a certain number of transfers to the local company, local subsidiary, Covestro Shanghai Investment Company Limited Shanghai. S.L ENT B.V. is a sales platform that's being developed still for LyondellBasell Covestro Manufacturing Maasvlakte V.O.F. and PO J V L.P. These are complex corporate structures for our businesses with polyether polyols, and this business model goes beyond these two legal entities. Neither of these companies are controlled by Covestro, and that is management of the company and the development of factors, KPIs, including the number of employees, are controlled by LyondellBasell Group. Please, I hope you understand that in line with legal requirements, contractual requirements, and articles of association outside of Germany, the local management is responsible for these different matters. At the same time, of course, Covestro is aware of its responsibility for employees and is always working to take their interests into account. Mr. Gaebler also asked, "What was the most curious litigation you had in 2020, and what was that about? How many labor court proceedings were ongoing in the reporting year, and what were the results?" I could say that Covestro is a global company, and as a result, our business activities are subjected to many rules and standards around the world. Corporate compliance, therefore, is an especially important and daily matter for us. Corporate compliance for us means the integrity of actions at Covestro, and our company always just acts in accordance with legal and ethical requirements. Our compliance policy is the framework for our conduct, which is based on competence, fairness, and reliability. Even though we are focusing on the interests of Covestro in our activities, we, of course, always take into account the legal position of third parties, and as a result of this model, we are able to reduce the number of litigation cases to a relatively low level at all times. If, despite all of these efforts that I mentioned, there is a need for litigation that's unavoidable, these are always conducted seriously and professionally. Now, having said that, in 2020, Covestro did not have any litigation that we would call curious. With regard to the labor court proceedings, in the Covestro Group in 2020, there was a total, it was actually a very low number of labor court proceedings, and these proceedings were only based on suits by employees against companies of the Covestro Group. There were no suits filed in which Covestro was opposed to labor representatives in Germany. The number of labor court cases in the reporting year was, as in the previous year, about 10. These proceedings were decided by decisions from the labor courts, and sometimes there were out-of-court settlements made. Mostly, it was about protection from dismissal and suits against Covestro companies for payment. Mr. Gaebler also wants to know more about the virtual AGM and how it's handled. He asked how many participants were at the virtual AGM at the beginning, how many were present at the end of the speeches from the board, and how many are present now. I can give Mr. Tripp a little bit of a break. We understand your questions about the participants as such. You want to know how many people are at the AGM following the streaming via our investor portal. At the beginning of the AGM, 83 shareholders were registered at the investor portal. At the end of the speeches, 125 shareholders were watching the streaming via the investor portal. Statement about the current number of participants at the investor portal at this very moment when I'm answering your questions is unfortunately not possible. In terms of the amount of time we need, it's about 15 minutes that we need to consult our system and give you this information. He also asked the amount of cost for the virtual AGM 2020 and what they will probably amount to in 2021 and what are the largest cost items involved here. For the virtual AGM last year in 2020, the cost came to about EUR 750,000. This included costs for the printed notices, construction here in the World Conference Center, as well as costs for engineering and safety. For the virtual event this year, the costs will probably be about EUR 800,000. The higher costs compared to last year depend essentially on additional hygiene and safety measures because of the corona pandemic and in order to protect our employees and all of the service providers involved. Mr. Gaebler would also like to know how many questions from the company were received by how many shareholders. He'd also like to know how many were not in German and how many questions were not related to the agenda. He also wants to know when the final questions were received that were received within the time limit. This year, we received 88 questions from 10 individuals. All questions were in German. The last questions reached us on Wednesday evening, the day before yesterday at around 7:00 P.M. We had no reason to assess these questions and whether they related to the agenda. He went on to ask how many questions and from whom did they come if they were asked outside of the shareholders' portals. At this AGM, we only answer questions that we receive via the investor portal. Beyond this event, we are available. We're in continuous contact with all sorts of players on the capital market, such as financial analysts, institutional investors, or private shareholders, and answer their questions. Mr. Gaebler also has questions on the broadcast of this AGM. In what form is correct transmission monitored? Who checks the correct video and audio transmission? Who checks to see if the audio and video are transmitted synchronously? What is the bandwidth that you have used? Is there a delay in transmission of more than 30 seconds, and do you take this into account when you determine the result of the vote? We appreciate and value exchange with our shareholders. Unfortunately, we can't have a face-to-face meeting at this time, nor can we have personal dialogue. At a virtual AGM, stability of the broadcast and safety of the link and security of the link is very important. Audio and video are calibrated precisely by a team of experts so that we can have synchronous, simultaneous transmission. Now, if this is something that is presented correctly for the shareholder, it will depend on other factors: the internet connection or the terminal being used to follow the AGM. The bandwidth here is 1,000 megabits per second, so it's more than sufficient for a live broadcast. A gap is common, usually at around 30 seconds. The time lag is taken into account when we determine the end of the vote, and this is also something that will be witnessed by the notary public, Dr. Hermanns. Mr. Gaebler went on to ask how many guests were admitted to the virtual AGM. We understood your question to mean that you want to know the number of external guests. In other words, people who are here who are not involved in implementing this year's virtual AGM. As was the case last year, today, there are no external guests with us. Mr. Gaebler is also interested in knowing about the preparations for the AGM and would like to know how much time was involved in preparing for answering the questions submitted by the shareholders for the AGM. How many internal and external employees were working on this? What external lawyers by name from which offices were used to answer the shareholders' questions for the AGM 2020 and 2021? In the back office at the AGM, we have a total of 22 colleagues here this year from different parts of the company. During the preparation, we had a number of experts from various departments that were involved. The time required to answer the question is something that we don't record. The employees involved have been working on answering your questions since the first question came in on the 9th of April, 2021. We do not answer questions with regard to which lawyers were involved in answering. We did not consult lawyers on this point. What do you want to do better in 2021? And I'd also like to see what your estimate is with regard to, apart from corona, what were the major challenges in 2021 for our company? The board of management and the supervisory board have one resolution for 2021. We want to make Covestro even more sustainable and have a more circular economy. Many of the decisions, and we see that we have to focus this on financial and non-financial targets. Apart from the pandemic, it seems an increase in our deliverability, successful integration of the RFM business, and implementation of LEAP, the transformation program, is something that we see as a major challenge for the current year, 2021. Mr. Gaebler has asked what software Covestro uses for meetings of the board of management and supervisory board, and how do you guarantee confidentiality and security to make sure that the important data do not end up on foreign service? For virtual meetings of the board of management and supervisory board, we use Microsoft Teams exclusively as our conference tool. The data from Microsoft Teams is here in virtual meetings in two Microsoft Cloud computer centers in Frankfurt and in Dublin. In other words, only in Europe. The security of communication data is something that is guaranteed by continuous encryption at the transport level. For storing relevant corporate data for board of management and supervisory board meetings, we make use of Brainloop. This is one of the leading providers for secure data room solutions. In accordance with explicit information from the provider, our corporate data are only saved on German servers, and we have a number of safety and security functions to protect them against undesired access. Viewing this content is only possible for authorized users. The use of the conference tool and the data room solution are in line with the European data protection as well as national requirements for data privacy, as well as the requirements and rules and regulations for the law on information technology. Supervisory board election. Who picked the new candidate? How many candidates were in the shortlist? Did you consider making use of any advisors or consultants? If so, how much did they cost? Were there pre-discussions with the chairman of the supervisory board? If so, when and where? What were the most important selection criteria for the candidate who has been proposed? Mr. Gaebler, I'd like to take these questions one at a time. You asked who selected the new candidate and how many candidates there were in the selection. I answered that when I answered Mr. Masek's question. I said the Nominations Committee was responsible for the proposal of Ms. Lise Kingo, the proposal to the AGM. Before its final decision, the Nominating Committee looked at the profiles of about 33 potential candidates, and this list was shortened down to five who remained on the shortlist. You asked about any consultants for this purpose. If so, who and what did it cost? The Nomination Committee was responsible. They made use of an international company with a great deal of experience in developing and recruiting management at all management levels, supported us here. Due to the confidentiality, however, I cannot give you the name of the consulting company. The total cost for Covestro for the consultancy within the month-long or several-month-long selection process came to about EUR 100,000. In addition, you also want to know if there were preliminary discussions with the chairman of the supervisory board, and if so, when and where. The members of the nominating committee had discussions with two candidates. I am a member of that committee as the chairman of the supervisory board. We had individual and detailed conversations with them. My discussions took place on the 20th of August, 2020, and on the 14th of October, 2020, with both candidates. This was by phone or as a video conference. The other two members of the committee, Ms. Stachelhaus and Mr. Beccalli, met with the colleagues on the 31st of August, 2020, and on the 28th of October, 2020, and on the 28th of August and the 29th of October, they met with them by phone individually, either by phone or by video conference. That was before we had our meeting of the Nominating Committee on the 5th of November in 2020, where we decided unanimously in favor of Ms. Lise Kingo. This proposal is something that the Supervisory Board agreed to at its meeting on the 22nd of February, 2021. This was a unanimous decision. Prior to that, the entire board met on the 9th of December, 2020, where we had a virtual dinner together, and we had the opportunity to get to know Ms. Kingo somewhat better. Then you also asked about the most important selection criteria for the proposed candidate. As I said in my answer to Mr. Masek, that was what was very decisive. This brings us to the final question. Mr. Gaebler talks about the compensation system for board of management members. He asked who drew up the compensation system for board of management members, and did you use external consultants? If so, who were the consultants, and what cost resulted? He also wants to know how much remuneration was paid for the board of management when they applied the compensation system, what would have resulted if we'd had the approval system, if the system had been approved in 2020, and what deviations are. The compensation system was drawn up by the Supervisory Board with internal experts, in particular from HR, legal affairs, and also from investor relations and sustainability. We did not use external consultants for this purpose. When reviewing the remuneration system, the most important components have remained unchanged as far as the structure and about is concerned. The components are fixed compensation, short and long-term variable compensation. That's why by applying the remuneration system that we had to approve today, if that had been in place in 2020, there are no changes in these main components. Now, the switch to the new old age insurance as of 2020, here this is what two members of the board took advantage of in 2020. Additional costs amounting to about EUR 35,000 would have resulted. Ja, meine Damen und Herren, ich möchte an. Ladies and gentlemen. I've just received the sheet of Mr. Toepfer. I would like to answer one of the questions in more detail. Yes, thank you very much, Mr. Pott. I would just like to respond to a question that you asked about the different tax payments. As I said, tax for domestic sub-areas were EUR 2 billion, and after this, this was for a surface area of 6.9 million sq m. Thank you very much. Ihre Fragen. Ich stelle noch. Ladies and gentlemen, all of the shareholder questions have now been answered. That is, all of the questions that were provided to us prior to the AGM via the investor portal. One thing I'd like to point out is that all shareholders who registered for our annual general meeting and who are to cast their votes can also object via the investor portal against one or more of the resolutions to be adopted if you have a reason to do so. Our notary Dr. Hermanns will record any objections provided to us and will also take note of them in the minutes of this virtual annual general meeting, just as is the case in a physical general meeting. Now, before we move on to the vote, I would like to tell you the number of people in attendance. I hope this will be shown on the slide. Now, what is represented? With the share capital of EUR 193,200,000, we have 193,200 no par shares. 121,256,255 no par value shares are represented. This corresponds to 62.83% of share capital carrying voting rights. Furthermore, absentee ballots for 122,169 no par votes were submitted. As such, 121,378,424 no par value shares are represented, which corresponds to 62.83% of our share capital. Ladies and gentlemen, we now come to the voting process. For the proposals from management for items on the agenda 2 to 9, I now put the proposed resolutions for items 2 to 9 of the agenda to vote as outlined in the invitation from the 4th of March 2021. I would also like to point out that for item 3, for ratification of the actions of the members of the Board of Management, that the board members whose actions are to be ratified must abstain from voting with their own shares and those held by others, and that also any persons representing shares held by board members must also abstain. Now, the same applies to the Supervisory Board and people who represent stocks held by the Supervisory Board members for item 4 on the agenda. As I said, you now have the last opportunity to use electronic absentee voting to cast your vote by the investor portal, or you can also provide your proxies and instructions to company-appointed proxies. And you now have the opportunity to change your vote or instructions if you wish to do so now. Let me have a look at the clock. It's now 1:51 P.M. You have until 1:57 P.M., which is another five minutes to utilize the aforementioned functions in the investor portal, and then these functions will be deactivated. Die Stimmrechtsvertreter der Gesellschaft. The company-appointed proxies will then cast the votes according to the instructions provided to them. Furthermore, all of the absentee ballots provided to us will be factored into the vote count. All yes votes and no votes will be recorded. Abstentions will not be listed. All this will take place electronically and is not expected to take too much time. We will now take a break to allow everybody to cast their votes until 1:57 P.M. Ladies and gentlemen, the time is now 1:57 P.M. I assume that all shareholders and shareholder representatives have had sufficient time to exercise their right to vote. The voting functions for absentee ballots and also for the provision of proxies and instructions are now closed on the investor portal in our website. The vote representatives will now cast the votes, and as such, the voting is now closed. We will take a break in order to determine the results of the votes. As I said, it won't take very long for the voting results to be calculated, and Dr. Hermanns will also monitor the vote count. I will announce the results of the votes as soon as they are provided to me. So we will take a short break. Ja. Herzlichen Dank. Thank you very much. Meine Damen und Herren, inzwischen liegen. Ladies and gentlemen, I now have the results of the votes, and the AGM is thus resumed. I will now announce the results of the votes and give them to the notary to take down in the minutes. As usual, you can find the results that you will be able to get the results of the vote after today's AGM on the company's website. Before I announce the results of the vote, I would like to tell you what the current attendance level is. Das ist also der zweite Nachtrag. So this is the second update to the attendance. 193,200, 193,200,000. Of these shares, 121,256,315 no-par-value shares are represented with just as many votes. This corresponds to 62.3% of the capital. Moreover, we have absentee ballots of 122,814. As such, 121,379,129 no-par-value shares are represented, which corresponds to 62.83% of registered share capital. This now brings me to the results. Now, the announcements for items of the agenda two to nine relate to the draft proposals of the board of management and the supervisory board as published in the Federal Gazette on the 4th of March, 2021. Now, for item number two, resolution on the use of distributable profits, I can announce that the annual general meeting has approved the proposal from the board of management and the supervisory board with the requisite majority. Now, for item three of the agenda, which is ratification of the actions of the members of the Board of Management, I announce that the Annual General Meeting has approved the proposal of the Board of Management and the Supervisory Board with the requisite majority. On behalf of all of the board members, I would like to say thank you very much for this demonstration of your confidence. For item four on the agenda, ratification of the actions of the members of the Supervisory Board, I would like to announce that the Annual General Meeting has approved the proposal of the Board of Management and the Supervisory Board with the requisite majority. I would like to say thank you very much for this show of confidence on behalf of all the members of the Supervisory Board. Now, onto item five, election of the auditor for the audit of the annual financial statements and for the audit review of the interim financial statements. I would like to announce that the Annual General Meeting has approved the proposal with the requisite majority. This brings us to item six on the agenda, which is the election to the Supervisory Board of Lise Kingo. I would like to announce that the Annual General Meeting has approved the proposal with the requisite majority. I'd like to say congratulations to Miss Kingo on your election, and I look forward to working with you on the Supervisory Board. Onto item seven, on the creation of authorized capital for 2021 and also a broadly replacement of the existing Authorised Capital 2020 with the option of excluding subscription rights and corresponding amendment to the articles of association, I would like to announce that the annual general meeting has approved the proposal of the board of management and the supervisory board with the requisite voting and capital majority. Onto item eight of the agenda, which is the approval of the remuneration system for the members of the board of management, I would like to announce that the annual general meeting has approved the proposal of the supervisory board with the requisite majority. And last but not least, for item nine on the agenda, which is the resolution on the remuneration of supervisory board members, I would like to announce that the annual general meeting has approved the proposal of the board of management and supervisory board with the requisite majority. Meine Damen, meine Herren. Ladies and gentlemen, we have now reached the end of our agenda. You now have two minutes' time to raise any objections against the resolutions of the annual general meeting to have these taken down in the minutes by the notary if you believe you have reason to do so. So this gives you time until 2:20 P.M. Ladies and gentlemen, it's now 2:20 P.M. There is no longer the opportunity to raise an objection. This brings us to the end of this year's virtual annual general meeting. I would like to say thank you for your interest in our company, and I would also like to say thank you to all employees who worked on carrying out and preparing this annual general meeting. So thank you very much. Our annual general meeting for 2022 will take place on the 21st of April 2022 here in Bonn, and hopefully by that point we'll be able to have a face-to-face event in the presence of our shareholders, just like we prefer it. I hope all of you stay healthy. Today's virtual annual general meeting of Covestro AG is now closed at 2:21 P.M. Thank you very much.