Thank you. Welcome people joining our webcast. The agenda for today is that we will go through the full year numbers of 2020, and of course, also go through the operational developments and also the financial developments and the outlook for the year. Of course, we hope that we have a lot of questions and that we can give the answers. Aalberts. I think this is a very important phrase that you will find Aalberts where technology matters and real progress can be made humanly, environmentally, and financially. More and more you see that we are there where we have a uniqueness and where we have a niche technology to drive. When you look to the essence of Aalberts, you see mission-critical technologies for groundbreaking industries and everyday life, where good is never good enough. Greatness is made of shared knowledge. Our way of value creation, you can see here. We have mission-critical technologies. Good is never good enough. Greatness is made of shared knowledge. I cannot stress how important that is. Technology exchange, innovation speed, fast learning and adaption, very important. Improve our EBITDA margin continuously. High entry barriers, pricing power, added value margins, sustainable, profitable growth. This is the combination how we create shareholder value. Our playbook, the Aalberts playbook, relentless pursuit of excellence. In 2020, this was a very important point because continuously improving your position, going for competitive advantage, driving operational leverage and excellence, increasing your margin and your margin expansion is a thing we are continuously doing. It drives our cash flow, which we also saw in 2020, and we keep on improving our portfolio all the time. This leads, when you continue that, to compounding returns. We call it the relentless pursuit of excellence. It creates continuously long-term shareholder value. By doing this, already for many years, we have created a track record now almost for 45 years of sustainable, profitable growth. You can see that this is even when you look back from 2020, which was a very special year, that over this timeframe, it's a proven sustainable business model where we create continuously for all our stakeholders, but also the shareholder value. When we look to the last 10 years in our value creation, you can see that the earnings per share went up from EUR 1.10 - EUR 1.81. Even when you look back 10 years and you take in mind this special year, that we created a lot of value also in these past 10 years. The dividend, we will come back to that, but also there we see, compared of course to 2019 where we paid out the complete dividend as we promised, we see there a decrease of 25% in 2020. Also when you look back over the last 10 years, we see an increase. Our long-term shareholders base has even grown in this last period from more than 50% to more than 55% for holdings more than 3%. That gives us also a trust that we are on the right track and that people have trust in us. A proven sustainable business model. Most important, and I can't stress enough, is that our key strength is our mission-critical people. The Aalberts way, how we call it, winning with people. Being an entrepreneur, taking ownership, go for excellence, share and learn, act with integrity. I cannot tell you how important it is that also in the year we have now and behind us the last 12 months, that especially also we keep the entrepreneurial spirit in our group. The local decisions which were made, going for the last ultimate goal, go for excellence and sharing and learning a lot of things also when you are confronted with a pandemic. You try to learn from each other how people treat their processes and how we also keep our people safe. It was very important also the last 12 months. Greatness is made of shared knowledge, a unique advantage. The Aalberts way, winning with people is more important than ever. Our strategy and objectives are not changed. We got also questions during the last 12 months about, do we still reach our strategic objectives, what we presented in 2019? We always said that we will not let go these objectives because we still have the aim to realize them. Still, we are aiming for an EBIT margin of more than 14%, a return on capital of more than 18%, a cash flow conversion of more than 70%, and a leverage ratio which is below 2.5, and of course, a solvability higher than 40%. Driven again by entrepreneurship and a relentless pursuit of excellence. Also this year and also the last 12 months, and also in 2020 and before, but also in the future, we will see how important innovation is for our company. It drives our organic revenue growth. Our pragmatic culture and actually the decisiveness to change all the time, to improve the lean structure, how we call it, keeps us ahead of the game, also when you have new challenges to face. You see our innovation rate climbing. We see our come rate climbing. That means we're doing more business with bigger companies all over the world. It's part of our strategy. Our innovation rate made really a big jump the last 14 months. Important is also that we have integrated our sustainability inside our strategy. We explained that in 2019 during our Capital Markets Day, how we want to do that, and we get more and more traction with that. What you see here in this slide is that we have megatrends which are shaping our future, like rapid urbanization, like climate change, resource scarcity, Internet of Things. That drives also certain trends rapidly, like globalization and co-development, like connectivity and integration of systems in a solution. We said that already two, three, four years ago, and we see it more and more coming. What we have done, we aligned the niche technologies to the end markets in such a way that we also have create a big sustainable impact. Now we are so far that 65% of our revenue is already linked to the sustainable development goals, which we embrace and which have been agreed in Paris. We achieve unique market positions with sustainable impact. For us, very important that we take our responsibility, but also that we make impact, and we are committed to do that. That it's part of our business model. That is pretty unique. Operational in 2020. Aalberts highlights. Of course, we also faced the pandemic. We are very fortunate that we only faced a limited number of COVID-19 infections, and that we could continue the operations in a safe way, which was not easy in the beginning. It was very special, especially when you look to March, April last year when we really saw a big threat coming. We didn't know what was coming. I think our people did an excellent job to protect our factories and our people, but also to keep on servicing our customers. Our revenue declined organically with 7.0%, we ended up with a revenue of EUR 2.61 billion. Very positive is that our order book was growing, especially also in the second half, at the year-end, we ended with 9.3% higher than last year. We will come back to that in the explanation of the operational developments for the niche technologies. Our EBIT amounted to EUR 283 million. Of course, that's before our strategic restructuring cost, which we did to accelerate our strategy. As a percentage, it was 10.8%. Our net profit amounted to EUR 200 million per share, EUR 1.81. We had a very strong free cash flow. It was EUR 339 million, a record. Our net debt before IFRS 16 reduced with 24% to EUR 444 million. We guided the whole year that we were on track to do a reduction of 50%-60% because it was a focus point of ours, because we had to protect our company, especially in quarter two. I think ending up with 24% reduction says something about the improvement we made during the year. Very important also, that is thanks to the financial strength of the company, we continued our investments and innovations. That our capital expenditure was still almost EUR 100 million. We postponed some things, some buildings, some capacity expenses where we thought it doesn't make sense to do it now. Almost everything kept on going. We didn't stop things. Actually, when September came and we saw, again, a better situation, we increased our capital expenditure again, going in towards 2021. We also decide in April, and very quickly already, that we should accelerate our strategy because we presented the strategy in December and we were aiming to do that over a period of three years, but we said we're going to accelerate that action plan which we made and presented in December. We took a one-off full year strategic restructuring cost of EUR 51 million, where we aim for an annual benefit of approximately EUR 50 million. We designed a lot of projects in all segments and all our business teams. I must say, this was a great job of all the teams, how they did that, but also I think the strength and/or the speed how we did this, when we can now look back almost 10 months, that was done very well, and it will bring us much quicker in a better, even stronger position. Aalberts accelerates strategy and continuous investments and innovations, even after during this year. Operational developments are, again, as we said, organic revenue decline amounted to 7.0%. The second quarter, we were impacted by COVID-19. We took immediately actions to protect our people, to also protect our processes. We were also faced with temporary customer shutdowns in different countries. That was a situation we never experienced like that. We also immediately reacted. Fortunately, we could see that end of May and certain customers already beginning of May opened again their facilities, and we could ship again. We saw gradually a recovery from end of May, step by step, and the second half, the business overall recovered. In a different speed, it all recovered. Year ended with a strong order book, 9.3% higher than last year. Focus was on cash management, cost optimizations, and innovations, as already said. Also important to mention this, that we kept on investing in R&D, in future technologies, growing product lines, and we didn't stop that. Some building and capacity expansions we postponed. When we look to the end markets and the regions, we have four end markets where we focus on. Eco-friendly buildings. They recovered well from a lower level in the second quarter. The reason that's for this actually quick recovery was that we saw continuous traction of our innovations, especially certain connection technology products, which kept on growing. The distribution channels were reopened of our customers, we could ship again. We saw, especially in quarter three and also quarter four, an increase in customer demand. There was more spending. Of course, the inventory level, which was reduced during quarter two, was again increased in quarter three. We saw also that we got more order intake due to more customer demand, because in our opinion, there's more money spent in this end market. At the end of the year, our order book was increased to a record level in this end market. Semiconductor efficiency performed very well. Strong growth. A lot of new co-developments and projects also initiated. We ended the year with a record order book also. Sustainable transportation. That means that's also aerospace, it is also automotive, it is marine, all these kind of transportation end markets. We faced difficult circumstances, especially in quarter two, when customer shutdowns, in combination with heavily inventory reduction of our customers, created a difficult situation. After reopening of the customer locations, we saw gradually recovery, especially in beginning of our fluid control products, which we have to manufacture, and also in Surface Technology, our precision manufacturing, our precision technology activities saw recovery. Which was followed by our Surface Technologies, because you first produce a part before you can treat it. That kept on going. In the second half, it further recovered due to increased demand, but also because the supply chain was again filled and the inventory level of our customers was further built up. Also there, we ended in a pretty good situation. Industrial niches. Activities increased gradually in quarter four. Also there, of course, a difficult situation in quarter two. There you saw that the recovery was a little bit later in quarter four, except for our beverage dispense activities, where we really, the moment there were lockdowns announced, it resulted in a very low revenue. Fortunately, it's a small part of our business, but it had an effect and a difficult market situation. In summary, eco-friendly buildings and semiconductor efficiency, record order book at year-end, sustainable transportation and industrial niches gradually recovered in the second half of 2020. How is our overview of end markets and regions? We presented this also earlier. Now, what we see here, semiconductor efficiency end markets had a strong growth, and we see also an increased revenue percentage of this end market. Operational excellence and portfolio optimization. As we announced, we of course, had an action plan in our Capital Markets Day. We decided, as already said in April, to accelerate that action plan. What did we do? We further focused, clustered, and simplified the organization. We reduced overhead in all segments. We went through all the overhead and all the structure through the segments. We reduced the net working capital structurally, and we had many projects implemented to optimize our operations, many projects in all segments. We did a lot of things, combined with managing this pandemic, we initiated all these projects, and that resulted and led to one of full-year strategic restructuring costs of EUR 51 million, where we see a benefit of approximately EUR 50 million, partly 2020, fully 2021. We went on going with our divestment program, which we also presented during our Capital Markets Day. We did some divestments, small divestments, but I think it was very difficult things to do, which were very important to do, and we still stick to the divestment program, which we have also announced. An acceleration of the action plan, let's say not in three years, we hope to do it now in one and a half year to evolve in a better and stronger Aalberts. Organic growth, innovation, and capital allocation. We didn't stop. We continued. We overcame the situation very quickly we went on where we are good at, innovating organic growth, conquering markets. In piping systems, we continued sales and capacity expansion of connection technology. We even introduced additional innovations. Valve technology, we introduced some very nice new valve, patented valve lines, a full flow line, and a balancing valve line, which we introduced in the months of April and even in quarter two. We started more and more, we see success with the digital piping design services with a dedicated team, where we engineer an optimized, integrated piping system, because we have all the portfolio, but we are also now more and more able to show that to the customer, even design it for the customer. The number of product projects combined with our Aalberts name is strongly increasing. We aligned the organization further, utilizing our combined strength. That means we look to the branding, we look to a unified supply chain, which we also consolidate and optimized in North America, which is, I think, in a very good shape now. In Europe, we are busy to optimize further the new assembly and distribution centers because we are building in Netherlands and in Belgium. In the Netherlands, we are now integrating the warehouses from Europe, and in Belgium we do the same, and probably that will be finished in the coming 12 months because we do it step by step. You can also see that on the reduction of working capital that showed good results. Hydronic flow control, something mentioned to here. We kept on pushing the newly launched product lines, increased innovation rate. We could also see here, not only in Hydronic, but also especially here, because we launched a lot of new products. What is very nice to see is that we combined it more and more with Digital Services. That means that you offer data to the customer where the customer can show the data and can read the data where we can improve his own heating and cooling system, and we combine that with our products which we already delivered. It gives us also the opportunity, and that's maybe most important for us, to gain more and more projects from the building owner, but also from the project developer, because we combine actually the Digital Service with the products and the systems we already delivered. That gives us a unique position. It's really growing very fast because we also have delivered and sold these long-term contracts, which sometimes go over 10 years, and which give a continuous stream of revenue, but we also score the projects where we deliver, of course, our products. Digital marketing and R&D capacity is strengthened. We have now a very nice group of software engineers. We strengthen that with also digital marketing knowhow from outside to bring ourself further in this, also for us, very nice new world. Our strategy is aligned with the competence centers to a unified, focused organization with less overhead. We also look here to the overhead. We look to the different locations we had, and it was a complex process, but I think we are pretty well going forward here. Our new manufacturing distribution facility is in progress. That means we are building here in the Netherlands, where we combine the different warehouses in a new distribution facility, and where we also expand our manufacturing facility of certain product lines, and we can also have an expansion of these lines, because we have no capacity left in that area. Our water supply and district energy activities performed well. Also here we launched two new lines, and one line is successful. We had to increase our capacity for this FullFlow product. Surface Technology. A big part of the strategic restructuring took place in Surface Technology. The last many years, we did a lot of acquisitions in this area, and we already had the plan to review the locations and to also look to the market trends which we are facing. We reviewed all the locations, we created actually the right technologies for the future. We also stepped away from certain older technologies where we thought that doesn't have the future, looking to the market trends of electrification of vehicles, but also other areas where we think there are certain trends in the market. We optimized our geographical footprint based on this analysis. That meant that we have closed, consolidate, and also reduced a lot of locations. That means that our aim is to come much better out of this, but that we are also strategically aligned to the future, like electrification of vehicles, like transfer of manufacturing locations of our customers, where you see a trend that, for example, combustion engine manufacturing plants move more to Eastern Europe. We follow them partly, but also that new technologies for electrification or other technologies come in the same area, like in Germany or France. You have to adapt your portfolio to that. I think we made there a very good and big step, very well managed the last months to also see the cost reductions and portfolio improvements. Again, electrification of vehicles gives us a lot of opportunities for development of processes for new parts, where you see all kind of new specifications. They are looking for light weighting, lesser weight in vehicles. Particle free, because otherwise you get electricity in your car. We see more heating coming in a car, so that has to be cooled. Certain coatings can help with that. We see noise reduction as a very important point, because when you have no noise of a combustion engine, you hear the wheels, so you have to reduce the noise of your chassis. They use coatings. Strengthening of new materials, strengthening of lighter materials. Fantastic business with a great future. Our worldwide footprint, and I think we have there a great position worldwide because we are here really a market leader in this field, in these technologies which we serve. That's really an advantage towards the future because the developments which are taking place in all kind of machine builds or electrification or commercial vehicles, they standardize more and more the parts. That means they want to produce or coat the parts on the same way on different regions in the world, and we are perfectly positioned for that. Fluid control, difficult year, but we continued our innovation roadmap. We took advantage of new systems which we launched, new innovations for industrial niches, and also upgrades for sustainable transportation. One of the examples you see here on the picture. It was a new upgrade for a CNG regulator, which we brought in the market. Our innovation roadmaps within fluid control are mostly focused on regulators, valves, measuring systems to reduce the use of fuel in vehicles, in means of transport, but also to drive the conversion, to hydrogen, to LNG, to CNG. That all has to be regulated. You need valves for that, but you also need measuring systems to reduce the amount of fuel you use. We are started also to develop hydrogen fuel cell applications where we see a big market in the future. You see more and more OEMs looking for applications here where they need partners. Now we have that knowledge, so we want to be in this kind of development projects. We have there some nice starting points. Even when beverage dispense had a difficult year due to the worldwide lockdowns, we were able to launch two new systems. One, where we launched a dispensing system for disinfection. It was based on our beer dispensing, a very nice innovation, which we launched. We launched a new design and complete new system for our bar guns for soft drinks, which we will take a nice share in the future, is our opinion. Advanced Mechatronics. Excellent year. Realized strong growth. In the beginning, we had difficulties to deliver our systems and our goods because we had to take here also preventive measures regarding the pandemic. When we overcame that, I think we could deliver very well to our customers. So that deserves a compliment for that whole organization. Many new co-development programs were started, especially in our high purity fluid systems, where we even strongly expanded our engineering capacity due to a lot of co-development projects, which were initiated during the year for the coming years. Our vibration isolation activity, there we will expand our facility further to facilitate the strong growth. We will expand our building there and our equipment which we need. Within our ultra-precision frames where we are real specialists, which you will not find almost all over the world. Our specialism there, we have already a big order book, and we are optimizing our operations to deliver that order book and also implementing further all the capacity expansions which we did the last years. Also here we create a unique position of specialized technologies combined with co-development projects with our key accounts in combination with our investment power. That is really unique and we become more and more unique in this world. This semicon efficiency end market where we are active here is booming. We will also take advantage of that. Now I would like to give the word to my colleague about the financial development. Thank you, Wim. Also from my side, welcome to the webcast. Special year. We made a revenue last year of EUR 2.841 billion and due to the full year effect of acquisitions that we made in 2019, we have a positive effect in this year of EUR 80.5 million. The negative effect of divestments that we also made in 2019, was a negative impact of EUR 26.1 million. The currency impact, which was mainly USD, RUB, PLN, and GBP, had a negative effect of EUR 31.9 million. That adds up then to the total organic revenue decline of EUR 191.4 million to come to the EUR 2.610 billion for 2020. The decline of 7% is to be split up in the first half year for 11.1%, as you may know. In the second half year, the decline was 2.5%. For the EBITA bridge, coming from the EUR 362.6 million last year, we had the same positive effect of the acquisitions we made, the full year positive effect of acquisitions that we made in 2019 of EUR 2.9 million. We had a negative effect of our divestments that we made in 2019, in 2020, EUR 1.4 million. We had a negative currency EBITA effect of EUR 3.2 million, the same currencies as I mentioned earlier. That totals up to the organic decline of EBITA of EUR 78.4 million, which is equal to 10.8% at the EUR 282.5 million is equal to 10.8% full year versus the 12.8% last year. Also there we saw an improvement in the second half with 12.2% of EBITA. This is EBITA before our strategic restructuring cost. The consolidated income statement, where you also see some stars for the SRC. For the EBITDA impact, it was EUR 43.3 million because of course there was an EUR 8 million depreciation effect in our strategic restructuring cost. That is also calculated there. The depreciations, EUR 140.1 million at least comes to the EBITA of EUR 282.5 million. The net finance expenses costs, the income tax expenses where we also calculated a 25% tax effect of the total strategic restructuring cost of EUR 51.3 million. That comes to the total net profit before amortization of EUR 199.6 million versus EUR 267 million last year. That gives an EPS of EUR 1.81 versus EUR 2.42 last year. The balance sheet. As said, we had a lot of focus on our cash management and also the structural improvement of working capital. That came out, let's say all these actions came also to a lower working capital this year, and that also at the end improved our cash and therefore reduced our net debt. The net debt reduction, EUR 444 million versus EUR 588 million last year, 24% decline, which was even more than we have guided throughout the year. The leverage ratio at the end improved to 1.1 from 1.3 last year, and the net working capital as said also decreased with 90%, finishing at EUR 399 million end of 2020. That improved the days' net working capital with six days. Despite the lower revenue, we could improve the days' working capital with six days to 55 days, and that totals then the solvability at the end to more than 55%. A return on capital employed before IFRS 16 of 12.5% versus 50.1% last year. I think especially the leverage ratio improvement is showing the strong balance sheet that Aalberts has at this moment. The condensed cash flow statement, where you see, of course, the lower EBITDA, compensated by the improvement of working capital. That's where we make the biggest compensation of our lower profits in the cash. That leads to a cash flow from operations of EUR 11.4 million lower than last year. We also postponed some investments, and this is the cash out effect of that. The cash out effect of our CapEx was EUR 35 million lower than last year. That helps, of course, also to come up to a better free cash flow full year of almost EUR 27 million better than last year. You see also the other costs around. We also see the higher dividend payment in 2020, where we paid out, of course, the dividend of 2019 of EUR 88.5 million. That also shows Aalberts' consistency, what we promise, we make, despite difficult market circumstances. The segment reporting, we made an adjustment for the 2019 figures because of some businesses that changed. There was one business going from the Industrial Technology to the Climate Technology segment, and there was one business that went from the Installation Technology to the Climate Technology business. Therefore, we have restated 2019 numbers to make it fully comparable with each other. There you see that the revenue impact in Installation Technology was 5%, with a good recovery in the second half. Material Technology was impacted 14%, Climate Technology with 8%, and Industrial Technology with 5%. In the capital expenditure, you also see that we reduced, but we finished at the end with EUR 95 million of CapEx, capital expenditure, versus EUR 248 million last year. The EBITA and EBITA margin, there you see, of course, that the businesses with high added values are impacted also more heavily, like Material Technology and also Industrial Technology. In Installation Technology and Climate Technology, they kept the level better. At the end, Installation Technology reduced the EBIT percentage with 1.3%. Material Technology still made 8.5% EBITA, which leads to a reduction of 4.1%. Climate Technology performed also strong. They kept the level of EBITA percentage on the same level. The Industrial Technology business, as already said by my colleague, also impacted by dispense, but also in other market segments. That was reduced with 4.3%. It was a solid and resilient performance. A slide about the dividend, showing you the dividend since 2012 until 2020, where you see that the sustainable profitable growth also resulted at the end in a sustainable profitable growth development of our dividend payouts. Also, as I said earlier, the EUR 0.80 of 2019 was an high dividend that we decided to in our general meeting. At the end, we paid it out in July 2020 after a very difficult quarter. We also knew that with the good measures that we took, that the cash at Aalberts was safe and a good development, and that we could do that. We kept our promise. It's the same for our 2020 proposal. Of course, we propose less dividends, but there's also less profit that we made last year. The proposal is EUR 0.60, consistent with our, let's say, policy. Yes. The outlook. The outlook for, let's say, the coming period. I think, as already said, we are active, very busy with execution and further implementation of our strategic plans, which we presented in December 2019. Of course, we still have to look how the effects and also how it continues with the pandemic, which is still at the moment still there. I must say, in our facilities, we have very good preventive measures, and people know how to react on it. We keep on going there, but we still have to see how that works out. We will drive forward our organic revenue growth plans. Innovations will be further pushed forward. As I already said, we further ramped up our investments again in September, October last year because we have many good growth plans. You will also see an increase of our CapEx to facilitate these initiatives. The second thing is the strategic restructuring projects are not done yet. We launched them in April last year, and even I think in Surface Technology already a little bit earlier. We will further pursue them to get the results out of it. I think that's very important for 2021, because we stick to the phrase that we have a benefit approximately of 50 million, based on the restructuring cost of the 51 million. It was partly in 2020 and fully in 2021. We have to pursue that. It's a lot of work, and we will further improve our portfolio. That means our divestment program, optimization of our products and technologies, to realize our strategic objectives, which we presented in our strategic plan. Besides that, and that's, I think important, we see also opportunities for further strengthening our market positions. Not only organically, where we have a lot of focus, but also inorganically. Also strengthening niche technology position with bolt-on acquisitions will absolutely continue and also have our attention. Also, especially when we have overcome for a big part, let's say, this pandemic, and we see now the vaccine programs coming in. We will also look much more to this point. Starting the year with a record order book in two of our niche technologies does not give us a bad feeling, I must say. We have to be careful, but we have to pursue our strategy as we did with the fantastic group of people we have within Aalberts. Questions and answers. Thank you very much. Our question and answer session will begin now. As a reminder, if you are wishing to ask a question, questions can either be submitted via the phone lines by pressing star one, or alternatively, via the webcast. Our first question this morning comes from the line of Luuk van Beek from Degroof Petercam. Please go ahead. Yes. Good morning. Thank you for taking my questions. First, a couple of questions about the organic growth. If I calculated correctly, Q4 revenues were flat roughly organically. Can you confirm this and talk a bit about how the early months of this year are shaping up? Also, you indicate a backlog increase of 9%. Should we take it as a rough indicator of the kind of recovery we could see this year? Is it also partly a lengthening of the backlog? First of all, the organic growth in the fourth quarter, as I understand your question was, I can confirm that it was a small positive. Okay. Looking to the backlog, I didn't understand your question completely, the backlog, that means the order book is 9.3% higher. That's mainly in our eco-friendly buildings activities and semicon, where we really see a higher demand. I must say, we have even difficulties to service everything. It's not only a recovery out of the quarter two situation, it's also an increase of demand. In combination with our innovations, which we, of course, launched last year. My question there was if we can see that as a rough indicator for the revenue increase in 2021. That's of course difficult to say because we are still living in a pandemic. I don't know how that works out. Also for the other segments, but for the other end markets. When I look to the building market, it looks pretty good. Also the semicon efficiency market, we have a big order book and a lot of projects in the pipeline. We see the other end markets like sustainable transportation and also the industrial niches we see recovering, where we think that industrial niches is recovering a little bit more in the second half of the year. It's more project driven, so it will take a little bit longer. Also in our sustainable transportation, we see good developments, and that means also for Surface Technology. Okay, that's clear. You reiterated the strategic targets, but I didn't hear the organic growth target. Is 3% organic growth at least, is that still a target for the full period on average, or how should we read that target? Because obviously 2020 was an unexpected deviation from the original plans. Yeah, of course. We have faced this pandemic. We didn't know that, of course, in 2019. As we said, we have no reason at the moment that we do not realize our strategic objectives. Let's see how that works out also for the average organic revenue growth, which is where we said the average over that period is higher than 3%. The answer is yes. Okay. My final question for now is on the drop-through, which was 40% in 2020. Obviously, that's higher when you have a sudden change in revenues. This year, we could see a recovery. Should we also expect a similar high, so above the 25% drop-through with the revenue recovery this year, maybe next year? It's of course different per technology. You should also take into account that we also reduced EUR 71 million inventory. When you reduce inventory in that amount. That's of course, especially in our piping systems activity. You also lose absorption in your factory, which also affects your EBIT. Yeah. The moment you're going to produce again, which we have to do, you also increase your absorption in your factory. That will help. In our activities, Surface Technology, I think there we have a much higher drop-through than also in the other segments, because you have a relative high break-even point. The moment you go down, you have a higher drop-through going down, but you've got a higher drop-through going up. How that works out in the total, that's difficult to say. It depends, of course, also how the pandemic is evolving. [inaudible] Okay, thank you. I have no more questions now. Thank you very much. Our next question this morning comes from the line of Henk Veerman from Kempen & Co. Please go ahead. Hi. Good morning, everyone. Congratulations with the solid results in a very volatile environment last year. My first question is on the gross margin, which is 61% in the second half of the year. Is that related to pricing because it's a bit lower than the usual, let's say, run rate? Is it also related to the copper prices, which have increased significantly in the second half of last year? My follow-up on that would be also on the copper prices. What do you see in the market since the start of this year? Have you implemented any sort of measures to counter this sort of very high inflation in copper prices? Will this impact profitability this year? Let's say, your first question we can split in, I think in a few parts. First, the first reason of the lower added value in the second half is, of course, the different mix that we have than last year, where we still have the high added-value businesses impacted more heavily on the top line than the, let's say, the Installation Technology and Climate Technology businesses. The second one is what Wim already said, the inventory reduction. Also there we continued to structurally improve our inventories, and it also means that you produce relatively less than what you did last year. These are the main reasons for the lower added value in the second half. Regarding the copper prices, of course, they are going up quite heavily, and we take also our pricing actions for that. As you also know, we are also covered for a couple of months ahead. We always try to anticipate in the right way with our pricing instrument to keep the margins. There is, of course, a challenge there to keep it in the right pace. Again, our portfolio enables us also to do that as we did many times in the past also. Maybe to make it clear, Henk, it didn't affect the second half because we were already covered for the raw materials. Yeah. What we faced a little bit in end of the year and beginning this year is also We had to do also the shortages, so we had to do a lot of effort to get our raw materials, but that it's under control. As you know, we are very on top of pricing excellence, so my and our aim is to take advantage of it. We immediately increased our pricing, and we can do that because we have very strong positions, and we will push it through as we always do, and try to take advantage of even the situation. Yeah. It will not affect our margin. Of course, it's very important that you're on time. We initiate these actions already last year, of course. I think we're on top of that. Yeah. Okay, interesting. The second question is on the cash flow statement. I think in the first half of the year, the impact from, let's say, any COVID relief measures or governmental plans was very limited. Was this also the case in the second half? Do you book any tax deferrals in the second half of the year? No. Cash flows, cash generation. Let's say we did book about half of the support in the second half as in the first half. We only took, let's say, some short-time reduction programs in some countries, not in the Netherlands, not in the U.S., but in some other countries we did, because these programs are also running. We're already running also in previous years, that is a normal procedure. We continue doing that. We booked less, about half of the support in the second half as in the first half. Okay. That's relatively small then. Third question is on the agenda for divestments. In the half year, you indicated that the market for divestments is not that interesting for you also because you are busy restructuring a couple of these businesses to get a higher price eventually. Now that the market, I guess, is improving quite rapidly and you've sort of done the major part of the restructuring, do you expect the divestments to be a strong focus point in 2021, so this year? Can you give maybe some color on what your plans are? I think so far the color on, let’s say, the activities and which segments, the color of the divestments take place has been quite limited. Let me answer the question. It's two questions. Question one is, it still has a lot of focus. You're right, we were able to improve, these, let's say, companies or clusters which we want to divest in the last months. I think we also said in December 2019 that we have really indicated where we want to divest. Of course, we also still had, here and there, some question marks. Which I think the question marks are now all solved, so we know exactly what to do. We also improved the companies which we aimed for. I think the roughly number which we gave that time, it was EUR 300 million or even maybe going up to EUR 350 million, but that's a EUR 300 million. We still aim for that. I think we did a small amount of small locations in 2020. You're also right that it's now very good timing to now do the bigger divestment. We are very busy with a few projects to now execute that. The reason that we are a little bit vague also about where we divest also has to do with some confidentiality. Let's say we also have competitors in the market, but we also have our own people. Let's say the people who should be aware of it are aware of it inside Aalberts, but I don't want to say more about that. It is what we said also in our capital markets day. We look for when we cannot create a position in the future where we can achieve growth or increase our profitability, then it could be one of the criteria. Another criteria is it has a low financial performance, and we are not able in a certain timeframe to increase it. The third is it has no link with the group. We have still a few things where there's not a lot of link with the group. Let's say we still have that program, and we will also execute it in the three years as we said. It could be, and that has also to do with the strategic restructuring, that we may in the end close or consolidate a little bit more locations instead of selling them. Let's say that we will still be somewhere between the EUR 250 million and EUR 300 million we have still on our radar. To be executed the coming, what is it, 22 months. [crosstalk] Okay. Interesting. Last question is on CapEx. Last year has been quite low, obviously, because you postponed most of the capacity expansions. Can we expect, let's say, a ramp up maybe to above the EUR 140 million-EUR 160 million run rate this year? Will it still be within, let's say, the EUR 140 million-EUR 160 million for 2021? I think maybe to come to the EUR 95 million CapEx and EUR 105 million cash out. I still think it's a big amount of money which we pursued. What we postponed was mainly some buildings, where we delayed a little bit the building. We could do that in good cooperation with our suppliers, and which we will continue this year. That means you get a delay effect of the cash-out. Probably some cash-out will increase through that. It could be, maybe to my colleague, EUR 20 million -EUR 30 million, which we shift from 2020 to 2021 from that effect. Yeah, we have the same plans as we had before the pandemic. That means a lot of growth plans, which we will pursue. Yeah. You will see during the year, again, a further ramp-up of the CapEx and cash-out. I think it will be still in that ballpark number of between EUR 140 million-EUR 160 million. That is what I think, because operationally, you also have to manage it all, which is already a big job with these kind of amounts. It's shifting a little bit more in the time. Probably maybe first of all said, you invest maybe in the years 2020 and 2021 mainly, and then 2022 could be a little bit lower. Now it could be that 2021, 2022 is still high, and it is in 2023 a little bit lower. That's more how you should see it. Yeah. Okay, that's very clear. Thanks a lot. Thank you. We now have a question from the line of Aurelio Calderon from Morgan Stanley. Please go ahead. Hi. Good morning. Thanks very much for taking my questions. I have three. I'll take them one at a time, if I may, please. The first question is around your savings. If you could help us maybe understand the phasing of those EUR 50 million, i.e., how much was already in 2020 and how much we should expect for 2021? Let's say that's about 20%. The savings. The savings, yeah. The annual benefit of EUR 50 million, approximately, is about 20% is in the book year of 2020. Okay. That's perfect. Thanks very much. The second question is a little bit more in kind of your different trends that you saw on the different verticals within eco-friendly buildings. We've obviously seen very strong residential data coming out of the U.S. and Europe as well, but let's say more nuanced non-resi data. I would be curious to know, I know that you're more skewed towards residential construction. I would be curious to know how the different verticals have panned out through the year. That means within eco-friendly buildings, the residential, commercial? Yes, correct. Now, first of all, maybe good to mention that 70% of our business, roughly, is renovation. Also what happens now, and that is really a driver of the business for the coming years, is the whole building efficiency, that you have to go to energy efficiency in buildings. That can be bigger residential apartment blocks or commercial houses, is also driving the business. Because it's also renovation. Let's say 70% is renovation, 30% is new build. Of course, in Eastern Europe, for example, it can be a little bit different. When you come to residential, we are strong in residential, pretty strong in Europe, and we are lesser strong in the U.S., where we have more commercial and a little bit industrial focus there. We are both strong in commercial in Europe. What we see is that, you're right, in a residential arena, but it's also in the apartment blocks. Let's say the more, combined units of residents, you could say. There's a big demand. You see that people are more spending on their homes. That means they change their bathroom, change their kitchen or whatever, they change their heating or cooling system or whatever, that helps. That really stimulates our growth, that will also go forward during this year. The second thing is the whole trend of building efficiency is really taking shape. Besides that, we have a few new innovations which we launched the last years, especially in the connection range, like our press connections, where we have now all the different materials, which we launch in more and more countries. We have our groove connections. That will also drive the business in residential, but also commercial. It's a combination of market effect, but also our own efforts. That's also why our order book is at a record level in that area. Yeah, that's helpful. Thanks very much. Maybe one last question from my side, a little bit more kind of bigger picture. I think you mentioned that you are starting to kind of carve your own niche within hydrogen fuel cells. Obviously, this is a big growth end market, and would be curious to know what your exposure is and where do you think it could get in, let's say, five, 10 years' time? You know we are a big player, and actually market leader in Europe, regulators for gas. The shift from oil to gas, we are already a big player. We get now more and more questions from big OEMs, and that's already the last 12 months, to also look to solutions for regulation of hydrogen in their new engines, the new fuel cells. We are in discussion with them. We are making prototypes. We know that business very well. We also have now very good contacts through additional strengthening of our management in our commercial vehicle area. That means in the trucks, where you also see a trend to gas, but also to hydrogen. That can be very interesting. Of course, these kind of projects, they run sometimes two, three, four years. We have found our nice niche. Besides that, we are very good at the gas side, LNG, CNG. For regulation valves, we're also now aiming for hydrogen. How big that can be in the future, I don't know. We got a lot of questions in that field. Yeah. Also from German OEMs, French OEMs, and we want to expand that also to the commercial vehicle market. To also their OEMs, too. That drives our innovation roadmap. It should be one of our pillars for the future. It takes time to come there, of course. Okay. That's great. Thank you very much. Thank you. Our next question comes from the line of Peter Olofsen from Kepler Cheuvreux. Please go ahead. Yes. Good morning, gentlemen. I have a question on the network optimization. I recall from the Capital Markets Day in 2019 that you were looking to reduce the number of sites by more than 30. Could you give an indication where you stand today? To what extent may you have to take additional costs for reducing that network, or have you taken all necessary costs in 2020 already? Yeah. I think it's a good question. From my head, we went from 156. Our aim was to go to 122. When you look to our website, and we have updated that also end of the year. We are now at 133. We did a big part. We are not there yet where we want to be. What we also, of course, see is that sometimes you can maybe better consolidate and not close. We are still in that process. We are not completely ready yet with the strategic restructuring, so we still aim for an amount of closures. That at this case, it should be all in the EUR 51 million. Of course, it can be that when you do additional acquisitions or you come to some little different insight that we still maybe in the future take some additional measures. Let's say, for the Strategic Restructuring Program, which we aimed for, from 156 to the 122, let's say almost all the costs are in this EUR 51 million. Don't correct me when I'm wrong. When we find new improvements in the coming years, then we will also do it. That's, I think, the most concrete answer. Hopefully we can update you, let's say, the coming two years, because we still have the aim to go there in three years, but we only have one year passed now. Don't forget that. We have now more than one year we are busy with this, but we accelerated it. This 122 is still our aim to go for. Okay. That's clear. Maybe on the change to the segment reporting. Can you explain what kind of business did you move to the Climate Technology segment? Let's say we moved business that from the nature of it, we thought fits much better in the Climate Technology segment, also with the projects that they are running at this moment for the future with product development. That's the reason that we did it, to bring it more in line. That is also, let's say, a learning, of course, through the years, which made us that conclusion. It's one business from Installation Technology, and it's one business from Industrial. Actually, what we also did, Peter, we merged two business. We combined two businesses and one part was in Climate Technology and the other part was in Installation Technology. We found out that these locations were actually in the same market. In this case, it was water and supply activities for underground applications. We brought these two companies together and we decided to bring them all together within Climate Technology. That, I think is the main reason. It's market driven and also, we see more and more future there also for, in this case, for hydrogen in buildings, but also district energy. Which is a focus point of ours. That's why we brought it over. The district energy activities and the underground activities, underground application for water and gas, we brought inside Climate Technology where we think it also belongs. That really the piping systems are fully in Installation Technology. Which we also explained in our strategy presentation. Okay. My final question is on innovation. Wim, in your introduction, you mentioned that the innovation rate has clearly increased last year. Could you quantify that? We follow that very clearly, very closely, actually. As you maybe can remember, we were close to 10, a little bit below 10, when we announced our Capital Markets Day, and our aim is to grow our innovation rate, bring from a small 10 - 20. We measured already during the year that we are already halfway almost. We were at 14.5, something like that. That's not only for Climate Technology, but Climate Technology was a big driver in that, but it's also for the others. As you know, our innovation rate is defined as the revenue which we introduced, let's say, launched four years ago, which is then four years later, as a percentage of the year, the running year, let's say, of the last 12 months, and then the percentage of that. It's launched four years ago, how much revenue we have gained in these four years, and then you divide by the last 12 months of the year where you are in, and the percentage. Innovation takes a lot of time. I've always said that. It's a struggle because you always think that next month you're going to launch, and then it takes another three months because it's technology. Actually, I'm also happy that that happens sometimes, because otherwise it would be very simple for competitors to copy us. You see the rate climbing up, and it's not only in Climate Technology, it's also in our activities for piping systems, activities for fluid control. Also in Surface Technologies, we launched some very nice new technologies in the U.S., even during last year. It's a locomotive which is rolling. Let's hope we aim for the 20% still. I think we can reach that. Okay, sounds good. Thank you. Thank you. We now have a question from the line of Martijn den Drijver from ABN AMRO. Please go ahead. Yes, good morning. Well, most questions have been answered, but to start off, Wim, when we talk about capital allocation and the leverage in the balance sheet is low, you've explained that the clustering and improvements of the to-be-divested units is progressing. How should we think about capital allocation in balance sheet? Should we almost pencil in share buybacks, or, especially given that you mentioned only small bolt-on acquisitions, should we look at those possible acquisitions as somewhat of a larger size? That would be question one. The answer is, as we always answered it, is that the disciplined capital allocation, and we even had a slide for that in the past, has not changed. That means that the first thing is our dividend. Over 30% dividend, which we want to pay out as we also did in 2020, of these figures of 2019, but we also will do now again. The second thing is our organic growth plans for CapEx. We aim for EUR 140 million-EUR 160 million due to a lot of organic growth plans, which we'll pursue. The third thing is that we want to increase our market positions through bolt-ons, and we also said it could be that you have a bigger opportunity. When the price is right and the synergies are there, that you also do a bigger opportunity in the case of a higher revenue or a bigger company. I think all is still the same. I agree with you, the leverage ratio is, even in this year of 2020, we were even able to reduce it. It says something about the strength and the cash flow we have in this company. I would like to address that, for us, we are entrepreneurs, and that's still the case. When we can allocate our money to improve our business and also to improve our market positions, that's by far preferable for us. I also always said, the moment we have too much cash, which is not the case because we still have EUR 444 million net debt before IFRS. Of course, we will also think of other ways to give the cash back. I must say, the environment for M&A is good for divestments, but we also have a nice pipeline at the moment. I think we feel ourselves pretty safe to do these steps. Of course, last year we were cautious. Yeah. We did it on purpose because you have to protect your company. We have a nice pipeline. I would say let's see. We are open for bolt-ons. In the press release, you could see that the word small is not mentioned. It can be a small one. It can maybe also be a bigger one in the future. You never know. It is an aim for us because also you see now step by step that our migration of Aalberts and also the strategic restructuring is getting more and more pace. We're aiming for our objectives, but there comes also another phase of ours, and in my opinion, should that be a growth phase, absolutely organic, but also inorganic, because we are also good at it, and we have the balance sheet to do it. That's also why we are not thinking, at the moment, of share buybacks or higher dividends because we still think we can utilize the money and the cash to strengthen our company. When there comes a moment when we have too much cash, in our opinion, we will give it back to the shareholder. That is not our first objective. Okay. Pretty clear. On just a clarification on the 2022 targets, you say you maintain them. The situation with regards to possible divestments is clear. Are you able, where you stand today, to achieve those targets without major acquisitions? Would that be a proper conclusion? Also, we stick to the objectives, but maybe also going back to, that's a long time ago, to 2017. You talked about bigger acquisitions. We also said in 2017, when we launched the strategy, and in 2019 we updated the strategy. We said when we do, of course, bigger acquisitions, which of course in the beginning dilute a little bit your return on capital. You should take that in mind because that, in our opinion, would not be completely fair. That's what we said in 2017, it's still the case. I think the line we have now taken, which is still the same line as we explained in 2019, that we will do our divestments. Maybe a little bit less because we close a little bit more locations. Could be, let's see. We still strengthen our positions in that field. We can achieve our objectives. When we do a bigger acquisition, which of course means also a higher capital employed, where the return on the capital employed will take longer. It could be that you maybe not completely hit your return on capital of 18%, I think that's also part of the balance you have because you have then a better position, which we also said in 2017. There are coming opportunities. There are coming opportunities. Hopefully also this answer gives you a little bit guidance. Then moving on to working capital. You mentioned the European distribution optimization program. When should we, in terms of phasing, expect that program to be completed, and thus the positive effects on inventory and working capital to come through. Is that an H1 2021 effect? Is that a 2H 2021 effect? A similar question for the remainder of the savings in 2021. This is from the restructuring. How should we view those relative to the first half of 2021 and the second half of 2021? Regarding the working capital, what we have explained in 2019 is that we have a three-year program between EUR 100 million and EUR 150 million of inventory reduction calculated on days. That is still the program that we work on. That is also what we have discussed with all our business teams to make structural improvements. Not only temporary, but really structural improvements with good actions behind it. That is, I think we started off this year in a difficult market environment. We managed to bring it down and even to improve a little bit the days, despite the strong decrease of revenues. I believe the trend is ongoing. That will continue also in 2021, the improvement. Of course, also our business will grow again. That's also why we always have said, we improve, calculate in days, EUR 100 million- EUR 150 million. Again, we are in line with that goal. Specifically, Arno, when is that process of closing European smaller distribution centers and grouping them in the new European centers, when is that finished? Is that going to be finished in the first half, or is that going to be finished in second half? We have a bit of a picture when those benefits come through. Maybe I should take that. I think in America, the USA, we have optimized the situation. We have brought it together. It was a difficult project, but I think it's pretty optimized. Also you see already the effect in the inventory reduction, but that will continue. Yeah. In Europe, as you know, we have built our distribution and assembly center in Zevenhuizen, which was finished last year and actually operational a little bit beginning, last year, maybe the end of 2019. What we did then, because we have to integrate eight warehouses. Eight. First you have to get the warehouses which we had in Holland, we integrated it, the software has to be running. Now that is done in 2020, even despite the pandemic, where we also had our issues there to do that. Now we are step by step integrating the other warehouses. I think personally it will take us the whole year 2021 and maybe even partly some of 2022 to get that all done because, it are eight warehouses. Let's say we did two bigger ones and we still have to do, let's say two bigger ones and then four small ones. Every time you have to adapt your whole IT infrastructure. America is done and Europe, let's say will be done, let's say the first half of 2022. Then step by step, we are of course in parallel, we are reducing already the inventory because the moment you move the inventory, you clean it up. That's a parallel process. I think the cash flow which you saw in 2020 of free cash flow of EUR 339 million was also for a big part inventory reduction. I think we have now very good momentum. Which is driven by Arno and the team to gain a really traction further. It's already visible, but it will become more visible. Yeah. Okay, clear. The final was on the remaining savings, if you could perhaps divide that EUR 40 million that's still to come between the first half, the second half or perhaps even 2022. Yeah. I think it is difficult to say if it is first half or second half, but let's say we stick to the EUR 50 million, 20%, roughly EUR 10 million, we took advantage in 2020 and EUR 40 million we take advantage in 2021. It depends a little bit how quick these projects go. Because we also close locations. Yeah. That mean you have to make agreement with people. You have to talk to, yeah, a lot of institutes to get that done. It's a lot of work. Sometimes that delays a little bit. It's very difficult to put a figure on, but I originally thought we could have done it all in summer 2021, but you see already now it's a little bit delaying to quarter three, some projects due to these effects. Yeah, I think 2021, we will really end up all these projects which we defined from April onwards last year. How it is exactly divided is difficult to say. We will give you a wrong number. In my opinion. No, I agree. We always said when we get the revenue back on the 2019 level, because that's also important for your absorption. Your, let's say the coverage of your costs, of course. You can count in the EUR 50 million. When the revenue will still be behind due to pandemic reasons. Let's say we get a new variant besides the British or the Brazilian or the South African variant, we get another one. That could delay, of course, these things. I don't hope so. That has also an effect of course. I think what you should take into account when the revenue comes back on 2019 level, yeah, we count in the EUR 50 million. Yeah. Okay. That's clear. Thank you very much. Thank you. As a final reminder, if you are still wishing to ask a question, please press star one on your telephone keypad, or please submit your question via the webcast. Our next question comes from the line of Tijs Hollestelle from ING Bank. Please go ahead. Thanks, Operator. Good morning, gentlemen. The first question, I noticed a new item on the balance sheet. What is it? Current portion of other provisions of about EUR 22 million. This is, I guess, the near-term expected cash outflow relating to the restructuring charge you took in 2020. Is this the total amount, or do you expect, let's say, also cash outflows beyond 2021? That's the first question. You're right, Tijs. We took a total strategic restructuring cost of EUR 51.3 million. Out of these costs, EUR 8 million stands for depreciation, which of course, was also booked in 2020. We paid out in 2020, EUR 21.2 million, which leaves a EUR 22.1 million on the balance sheet for cash out in 2021. Okay. That's clear. Also back to the inventory levels. If I recall well, you were guiding for a structural improvement between EUR 100 million and EUR 150 million. We do see indeed, as been mentioned, a EUR 71 million year-over-year reduction on the balance sheet. We do see a EUR 42 million impact in the cash flow. Was that target based on the absolute balance sheet number or the expected cash flow gains of that target? The difference between the 71 and the 42 is for a big part is foreign exchange currency rate differences. That is about EUR 27 million, the exchange rate differences. What I said earlier also in this call, is that our aim is to save EUR 100 million-EUR 150 million calculate in days. That means, if you would record Aalberts in 2022, and we have at that time a revenue of X, you could also see how much we really improved our days inventory outstanding at that moment, and that should calculate back the improvement in euros. Again, we are in line with that goal. It for sure gives also positive cash flow effects. Yeah. Okay. Also, normally in the annual report, Aalberts provides disclosure on the line items within the other operating costs, and there is one line item called operating income. Last year, or in 2019, the comparable number was EUR 43.5 million. Could you give us a number for 2020? That's a lot lower, because last year we had, of course, still the effect of the fires here in this other operating income line. For this year, it's EUR 40.5 million, the other operating income. The effect of the fires is actually out. Okay. Last one, that is also a difficult one for me. I listened carefully to your comments on the restatements per division. Before the pandemic hit, there was already, let's say, discussion, I think, between you and analysts, but also between investors about the disclosure on the reporting line, organic growth, the contribution from M&A per division. I do understand that you now have reallocated the businesses, but more than ever, it is quite important if I'm looking at my first half, let's say, revenue growth forecast per division, given what happened in the second quarter last year, that I have some comparison base, which is now again completely gone. You explained yourself, there are quite some businesses within these business clusters and also countries. That makes analyzing it already pretty difficult. One thing we at least have is the historic performance over a longer period of time of these entities, which is now completely reset. If you could provide us at least with, let's say, the comparable first half 2020 revenue and EBITDA numbers of now the new divisions, because the COVID-19 impact was quite different. Some businesses dropped by 15%, others by only 5%. That would be quite helpful. I would really appreciate it if these restatements would eventually stop. Yeah, I understand. When you are doing strategic restructuring, sometimes that happens. Yeah. I can imagine from your side. We can give that insight, Tijs. We will give you more insight in the comparable numbers also. Yeah. I understand that you guys look at the headline numbers, but in light of reaching the targets, we're trying to calculate how to get there. For us, it's quite important. I don't think only for analysts, I think also a lot of investors are doing the same calculation. For us, it's really important. Well noted. Okay. Thanks. Thank you. We do now have a question from the line of Maarten Verbeek from The Idea. Please go ahead. Good morning. It's Maarten of The Idea. You state that you reiterate your strategic long-term targets, which obviously pleasing to hear. Again, coming back to the average growth rate you project that was more than 3%. If we have seen over the past three years that more or less you're suggesting by reiterating the statement, that you predict organic growth of about 8% for the next two years roughly. Is that a realistic number to assume? First of all, you know the year 2020 we went down a lot, I think we will also get a recovery in 2021 for a big part. How that completely works out, again, the pandemic is still going on. Yeah. When of course, when the pandemic will stay on this whole year and next year also due to additional variants, then of course it could be that you don't hit it. Yeah, that could be. That's not the situation as we judge it now. 2020, of course, we went minus 7.0. In 2021 you will see a recovery. We will see how much that is. That's why we still think, and also 2021 we will see a recovery. When you look to our business in fluid control, for example, we will see a tremendous recovery, which still has to come in the second half. Yeah. It's industrial orientated. The moment the world, let's say, is not locked down anymore, you will see a tremendous improvement in many areas also for us. Besides what we do already now with innovations. That gives us the reason that at the moment we still think we achieve it. A big part of that recovery will also be done in 2021, but also still a part in 2022. You know yourself, in the Netherlands we can't even go outside after nine o'clock. When that situation stays for whatever reason, that of course it makes more difficult. Not at the moment how we judge it with everything what is going on also, let's say regarding vaccines and everything. You will see in the industrial markets a hiccup in the second half mainly, and the other markets are already recovering. We trust also that our innovations really ramp up. You ended the year well with an order book, which was close to a 10% higher than year end 2019. Are you able to provide us with a quantitative number? Quantitative number? No. No, we are not able to do that. Okay. You mentioned that you already made a number of divestments in 2020. What you have done today, could you provide us how much sales will be gone for 2021? For 2021? You mean the divestments that we did in 2020? Yeah, exactly. It's a very small number, Maarten, because these were two very small sides. Maybe only a few million. Okay. Next to that, when I look at your EBITDA contribution and also the EBITDA charge for holding and eliminations, that was virtually non-existing in the second half of the year. Could you provide some more insight in that? That is good. You have seen that correct. Let's say in the total full year number, we went from EUR 11.7 in 2019 to EUR 7.2 in 2020. That means that the holding costs have been reduced and the extraordinary costs have also been reduced because the extraordinary costs, the normal extraordinary costs that we always have every year, they went down from about EUR 3.3 in 2019 to EUR 1.3 in 2020. Which means that the holding costs at the end also were brought down from EUR 8.4 -EUR 6.0 million. What happened in the second half, of course, is that the strategic restructuring costs that we also guided that have been taken in the first half year numbers we took out because that is something we put separately. Why did we take it out? Because these were part of the strategic restructuring benefit plan. The total of EUR 51.3 million of cost with an annual benefit of approximately EUR 50 million. Because of the character of recurring, and that's a big difference with normal extraordinary costs, which are normally a one-off. Okay. That's clear. Thank you very much. Thank you very much. As one final reminder, if you are still wishing to ask a question, please now press star one on your telephone keypad. Thank you very much, everybody. We do have a follow-up question from the line of Tijs Hollestelle from ING Bank. Please go ahead. Yeah, thanks, Operator. A question about the jump in the minority line item in 2020 versus 2019. What is behind that? Let's say good performance of the minority business. That's one of the businesses where we have not a full 100%, but there's always also a third party having the minority stake, and they are making a good growth development. Also that part is then increasing. What type of business is this? It's a company in Eastern Europe, in Poland, and where we have a very good partnership with. It's part of piping systems. They're making plastic piping systems combined with our metal piping systems of Aalberts. We have there a very good cooperation already for more than 10 years. Almost 15 years. That's a minority stake for them, and for us, a majority. Yeah. They did very well. It's one of the examples of innovations and also market approach, which we did very well combined with our press fitting range. They made good progress and made a nice profit. Yeah. Also one, basically on the question from Henk from Kempen on the gross margin pressure in the second half. If I understand correctly, that is because the top line decrease in the higher added value businesses was bigger compared to, let's say, building installations and climate control. Wasn't that more the case in the first half then? Or is there a lagging effect on the gross margin from that? Two effects, we explained. One effect is what Arno said, is that you have the, especially Surface technologies recovered more gradually than the rest. Yeah. There we have a high added value margin. The mix is different. The second thing is the effect of inventory reduction. The moment you start reducing your factories in April, March, we did that. It takes time to slow down your factories because these are big factories, so you cannot immediately see the effect. The most of the effect you saw in end of quarter two, quarter three, quarter four. When you produce less, you have also lesser added value in these factories. That combined effect, actually, we were very happy with the added value. Looking to the more than EUR 40 million reduction of inventories, which was mainly made in the second half. You also lose there, your added value partly, which will ramp up again the moment you are producing, which is now the case. That is the explanation. On pricing, we didn't. On pricing, we didn't lose. It also has nothing to do with the raw material increase because we are always covered with our raw materials. Our goal is for a certain amount of months. Yeah. That we have the time to increase our pricing, which we also pursued already, last year, this year again, and probably again in April, May. To be very clear there, that there's not a wrong picture. Yeah, it's very clear. There's a timing effect. Thank you. Thank you very much. Thank you very much, everybody. We have now come to the end of our Q&A session. All questions via the phone lines have been answered, and we have no questions via the webcast. I'd now like to hand back to our speakers for any concluding remarks. Thank you. Yeah, I would say thank you for listening to our webcast, and it's always a pleasure to explain it to you all. Also thank you for all the questions and interest, and we will push you further. Thank you very much. Thank you. Thank you very much, everybody.