Ladies and gentlemen, thank you for standing by. Welcome to DSM's conference call on the full year results of 2020. Throughout today's presentation, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. Now I would like to turn the call over to Mr. Huizing. Please go ahead. Thank you, operator. Good morning, everyone, welcome to DSM's full year 2020 results conference call. I'm joined on this call by our Co-CEOs, Geraldine Matchett and Dimitri de Vreeze. Geraldine will give a short introduction, after which we will open the line for questions. As always, I need to caution you that today's conference call may contain forward-looking statements. You can find the disclaimers about forward-looking statements published in the press release on our website. With that, I hand over to Geraldine. Thank you, Dave. Good morning, everyone, and thank you for joining us today. We appreciate your continued interest in DSM. I will provide a few comments on the key slides of the investor presentation that we published this morning, together with our press release. Then we will open the line for the Q&A session. As a reminder, please note that following the announcement regarding the proposed divestment of our resins and functional materials businesses, we published our results on a continuing operations basis since Q3 2020. This is what we comment to, unless otherwise indicated. The full restatement will be provided in the integrated annual report 2020, which will be published shortly. Let's start with the financial highlights on page four. 2020 was an extraordinary year, as we all know, and one which presented significant operational challenges. Yet, throughout, we were determined to keep on delivering for our customers, and we are proud that we were able to do this, thanks to the commitment and resourcefulness of our colleagues around the world. Against this backdrop, and despite the strong negative foreign exchange effect, we delivered solid results. Nutrition performed well, with a 6% organic growth and a 7% step-up in EBITDA, whilst our materials businesses were negatively impacted by the pandemic, with volumes for the year down 6%. Altogether, our adjusted EBITDA was nearly flat at -1%, and our adjusted net operating free cash flow was strong, up 19%. Despite the operational challenges, we also continued to strengthen our long-term growth drivers through, amongst others, three specialty nutrition acquisitions and the refocusing of our innovation platforms. Looking more specifically at Q4 on page five, our businesses performed in line with our expectations, despite the increasingly negative foreign exchange effect. Nutrition saw very good conditions and delivered a 9% organic growth with a 10% increase in EBITDA coming from animal nutrition, human nutrition, and food specialties, as well as a gradual recovery in personal care. Materials saw a strong recovery in the quarter, with volumes up 14%, a clear sequential improvement from the -6% in volume in Q3. While we are of course pleased with this performance, it is too early to tell how much relates to stocking within the automotive value chain, versus how much relates to sustainable improvement in global car build activity. As for the EBITDA for materials, we saw a significant improvement from the -31% fall in Q3 to a -10% in Q4 versus prior year. Adjusted net operating free cash flow was strong in the fourth quarter, up 26%, driven mainly by the lower working capital and reduced CapEx. Before looking in more detail at the performance in Q4 by segment, let me first comment on our positive outlook for 2021 that you will find on page six. In 2021, we expect to continue to make good financial and strategic progress, owing to our strong nutrition business model and the ongoing recovery in materials. For nutrition, we provide a clear outlook for the full year, whilst for material, given the economic uncertainty, it is more difficult to provide a definitive outlook at this stage. As a result, our outlook 2021 reads, "DSM expects to deliver an adjusted EBITDA increase in nutrition at the upper end of its midterm strategic ambition of high single-digit growth. Together with continued recovery in materials, DSM expects an adjusted EBITDA growth rate for the group moving into double digits with a continued good adjusted net operating free cash flow. Let's look in more detail at nutrition in Q4, and to do that, let's start on page 10. Overall, nutrition delivered a good quarter, with organic sales up 9%, driven mainly by volume. Human nutrition saw continued strong demand in dietary supplements and pharma. Animal nutrition saw the resumption of good demand after the destocking of Q2 and Q3. Food specialties had a strong finish to the year, with strong demand in beverages and dairy. Aroma ingredients continued to perform well. Personal Care saw some improvements in the sun care and cosmetics when compared with previous quarters. Adjusted EBITDA increased 10%, with the contribution from CSK, Glycom and Erber acquisition more than compensating a 6% negative foreign exchange effect. The adjusted EBITDA margin was broadly stable at 20.3% versus 20.2% last year. Let's move to page 12 for animal nutrition. In the fourth quarter, animal nutrition delivered a good 7% organic growth, mainly volume driven. With the destocking completed in Q3, DSM saw strong demand in poultry and swine, and a continued good level of beef exports out of Brazil. In addition, the negative effects of the African swine fever that impacted our results last year are receding in China, and DSM is well positioned to benefit from the resulting professionalization of pork production. As a reminder, in this quarter, we consolidated Erber, which gives DSM market leadership in mycotoxin prevention and consolidates our position as world's largest supplier of eubiotics for animals, besides expanding our capability in diagnostic technology and innovative testing solutions. Erber made a strong contribution in its first quarter within DSM, realizing EUR 81 million in sales, with a total adjusted EBITDA of EUR 18 million. Moving to human nutrition, let's go to page 16. In the fourth quarter, human nutrition & health delivered 9% organic growth, with volumes up 7% and prices up 2%. Dietary supplements and pharma recorded strong results in line with previous quarters, supported by elevated demand for immune boosting solutions since the start of the COVID pandemic. Food and beverages also recorded again a solid performance, while early life nutrition sales were down on weak market conditions in China. Glycom, consolidated since the second quarter, delivered EUR 14 million in sales and an EBITDA of EUR 7 million, with its development work with customers continuing to be hampered in Q4 by the pandemic, leading to delays in product launches. Finally, our other nutrition businesses delivered a good financial performance in Q4, the details of which you can find on page 18. Food specialties saw very strong demand across most product categories, including most likely some stocking effects. CSK, the addition since the beginning of 2020 to our food specialties portfolio of paste, texture, and biopreservation solutions for semi-hard cheeses, saw a good finish to the year with a strong financial performance and the completion of the integration work ahead of schedule. As for Personal Care, we started to see some recovery in Q4, while aroma sales continued to be good, supported by high demand for detergents and disinfectants. Finally, prices in human nutrition & health for the fourth quarter were up 2%, benefiting from lower levels of promotional activity in eye health. Moving now to materials for Q4. Let's go to page 23. In Q4, materials delivered a marked step-up in activity, with volume ups 14%, reflecting a strong improvement in engineering materials as demand from automotive strengthened, reflecting higher demand for car builds and stocking effects throughout the automotive value chain. Protective materials reported a 6% volume growth, with personal protection activity continuing to be impacted by delays in orders from local authorities and governments, despite the healthy order book. EBITDA for the quarter closed 10% below prior, a further improvement compared to the EBITDA drop of 31% in Q3, and the EBITDA margin in Q4 closed at 20%, showing a good recovery compared to the 13% in Q2 and 17% in Q3. The lower EBITDA reflects the negative operational leverage caused by the lower volumes in higher margin specialties, which recorded a very strong performance in the same period last year. With this, let's open the floor for the Q&A operator. Ladies and gentlemen, if you would like to ask a question, please press star one for questions. Star one for questions. Go ahead, please. First question is from Mr. Matthew Yates of Bank of America. Go ahead, please. Hey, good morning, everyone. Couple of questions, please. The first one, about a year ago, I think you announced the Fit for Growth initiative. I wondered if you could just give us an update on whether that was fully implemented, given the COVID disruption, and, if so, what results you're seeing from that program so far? The second question is specifically around infant formula. We're in an environment, I guess, where global birth rates are pretty low, and you talked in your introductory remarks about perhaps some delays in new product launches. I just wondered if you could talk a little bit about how you're budgeting that category in 2021, and can you remind me what your relative position is with the domestic Chinese brands versus the multinationals? My understanding is that the domestic players seem to be gaining share in the China market at the moment. Hi, Matthew. Thanks for joining the call. Sure, let's do that. I'll start with the first one with Fit for Growth. Absolutely. If you remember Fit for Growth, we started actually in the middle of 2019 looking at how do we improve our go-to market structure within our nutrition business after its big growth and the addition of acquisitions, et cetera. The actual execution and implementation of it took place in the first half of 2020. Although we were in lockdown circumstance, et cetera, we did push through, and continued and completed the Fit for Growth program, which was as much reinvesting in our ability to grow, if you remember, than anything else. Fit for Growth has been completed, and we are now pretty much operating under that new structure. Maybe Dimitri, do you want to take the infant formula, early life nutrition question? Yep. Okay. Hey, thanks Matthew for that question. Indeed, early life nutrition, we see lower birth rates, a bit magnified by COVID-19 and the uncertainties. We'll certainly see that that will go and that we will see normalized birth rates going forward. Overall China, it is about 35% of the market, with Chinese indeed taking a bit of share supported by the government. Let's see how this plays out because the field itself is still a premiumization field. This is not a volume game. This is really a value game where innovation is key and science is hardcore in that whole segment, obviously, when we talk about babies and early life. Quality and reliability are key, and that is certainly where we do play, and we are an ingredient player in this field. Let's see how this plays out. We are well-positioned certainly now with [our DHA] and certainly the HMO ingredient added to that portfolio for our early life nutrition go-to market. Sorry, Dimitri, are you fairly agnostic as to whether it's the multinationals or the domestic Chinese who capture that growth, or are you biased one way or the other? No, I think today our position is relatively small. We look at where we play with our innovation card, the premiumization card. We definitely will put on the radar screen on what is happening. For today, I think we basically, as an ingredient player, could choose where we can and will play. Let's see, after COVID-19 and when the uncertainty is gone, how the birth rates will pick up. All consumers look at premium quality material. Innovation and also science backed up by that innovation is absolutely key for us. Thank you both. Next question is from Mr. Mutlu Gundogan, ABN AMRO. Go ahead, please. Yes, good morning. Two questions. The first one is on nutrition. Can you give us an update on Nenter? Where do we stand currently? Is the plant up and running? What is the expected contribution to EBITDA in 2021? Secondly, on materials, obviously a strong quarter in Q4 with benefits from restocking. I understand that makes the outlook a little bit difficult. Perhaps, can you talk about the volume growth so far in 2021? Have you seen that come down following restocking? Thank you. Yeah. Good morning, Mutlu. Thanks for joining. Yes. Nenter, which is now Yimante, is progressing well. If you remember, just looking back a bit, there was a bit of delay. We had to do the shutdown to upgrade the site, which of course got caught into the whole COVID situation, particularly given it's not far from Wuhan. There was also actually some flooding in the Yangtze River Valley. The good news is that it got completed, and in fact, production has started to get moving. We expect to bring material to market from that site, as of about Q2. We will see exactly the timing. We will adapt according to the market demand, the ramp up. We would see a contribution, probably in the order. Well, it depends again on the ramping up, but between maybe EUR 10 million and EUR 15 million for the year. Yeah. Then maybe the question on materials from my side. Indeed, this is the EUR 100 billion question, how much is restocking, how much is picking up demand? It's difficult to judge, but what we have seen is that it's definitely a restocking ongoing, after winding down the global production build rates in quarter two and in quarter three. You've seen also that reflected in our volume with -21% in Q2 and -6% in Q3. It's a bit of repairing the value chain with filling the pipelines. Now also the electronic into automotive is a bit struggling into the supply. That is certainly a supply chain issue. I think a part of that is definitely filling the pipeline. We do see that quarter four into quarter one, we do see January going more or less in that same rate. It's very difficult to say how much is filling the pipeline. Remember that last time in the call I said this value chain and the pipeline of automotive is very long. You have lots of different players. Therefore, the pipeline filling is very difficult to judge, and it also depends on where are you in that value chain. This could be a sort of a filling the pipeline with will be erratic. Therefore, it's very difficult to say anything on 2021 because the pipeline is relatively long for automotive. Nevertheless, we said, hey, compared to 2020, we do see a step up for 2021. I would not pinpoint how much is refilling and how much is real demand. Barely the value chain is too long to make a reasoned judgment if we could. Okay. Thank you very much. Next question is from Mr. Thomas Wrigglesworth, Citi. Go ahead, please. Good morning. Thanks for the opportunity to ask a couple of questions. Just wanted to focus on animal nutrition. You called out higher premix sales driving prices in the fourth quarter. In the order books that you're seeing going forwards or actually in your guidance that you've provided, should we be thinking that this high crop price environment is going to drive poultry and pig farmers towards optimizing feed conversion efficiency maybe a bit faster than they have done in a lower crop price environment? If you could talk a little bit to that and your expectations around that would be great. Secondly, innovation pipeline, any updates there that have taken place through the end of the year? I know we discussed a lot about the Capital Markets Day, very keen to hear how EverSweet is developing, and any updates to the timeline for Clean Cow. Thank you. I know the names have changed, so forgive me. That's okay, Thomas. Sure. Let me maybe start with animal nutrition, then I'll hand over to Dimi for human. Yeah, crop prices are clearly up. I think you will remember that for our business, that tends to actually mean more focus on how to get the best out of the feed. Indeed, the conversion is important, which tends to then lead to higher ingredient input, such as enzymes in particular, but also eubiotic probiotics. We would see that the overall environment of higher crop prices to be supportive rather than a headwind. The other thing, of course, that will be a bit supportive this year is the continued positive development on the African swine fever front. I think you saw that also in our highlights, where we're seeing the rebuilding of the herd progressing nicely and, combined with some new laws on banning antibiotics, et cetera, creates a favorable environment for animal nutrition going forward because effectively Q4 last in 2019 was the low point on the African swine fever part. Let me just wrap in a bit of news on indeed Bovaer, the branded part of Project Clean Cow. Here what we're seeing is the fact that we're progressing nicely with EFSA. Timeline remains quite similar. We expect to get registration hopefully in the second half of this year, which would open the path for commercialization as of 2022. We've actually had some nice announcements to make around this, including a collaboration agreement with Fonterra, that is launching some dairy products which are carbon neutral, and really looking at how to lower the carbon footprint of the dairy chain. That's really nice because as you know, New Zealand was always a country that was very interested in this, but it was taking a bit of time. That's really great. Also a collaboration agreement with Valio, that's the leading dairy group in Finland, where we're also going into much more intensive trials. They're looking to basically bring their milk sector to carbon neutral. Carbon neutral milk by 2035 is their target and they see us as being an important part to that. We also had a nice outcome of trials in the Netherlands recently, where they tested with different feed compositions, different inclusion levels, and that reconfirmed for the nth time, the fact that the reduction in methanes were between 27% and 40%. If I add to this a very large trial in Alberta on beef cattle, I mean, that was actually involving 15,000 cattle, that also confirmed very high reductions in methane. This continues to build what was already a very strong file in terms of the efficacy and effectiveness of Bovaer on methane. Very positive. Of course, what is helpful as well is the backdrop against this, against which Bovaer will come to market. If you look at the EU Green Deal, the Climate Law, now the change in administration in the U.S. with them stepping back into the Paris Agreement, we're seeing a very receptive environment. Now we really want to get that EFSA clearance done. Let me finalize the innovation part from Bovaer to Avansya, the EverSweet. Like we said, this is fermentation. Scale-up is going as planned very successfully. We also said that we had a few launches being tested. I'm very happy to say that we've been successful at what we call the, and they call it now seltzers, hard seltzers, which are basically sort of an alcohol-free, alcohol light possibility as an alternative to beer. You see that beer companies are trying to enter that category. I think Heineken just launched it last week as being a key part. We've seen a few other beer companies, and Avansya and EverSweet is absolutely playing a key role there as a low-calorie sweetener. That has been confirmed. I think there's market pull ongoing, together with the ramp-up on the scale. Remember, it is a unique setup with EverSweet having a sort of a neutral taste and confirmed scale-up capability. If you launch a brand, you want to make sure that if the launch is successful, that the materials can be delivered, the ingredients can be delivered, and we have both in place. I think some successes last year, and we're definitely on the growth path. I think we mentioned during the investor event that this is already business of few tens of millions, and we're looking forward for 2021 to continue that growth. Thank you both. Very helpful color. Thank you. Next question is from Mr. Martin Roediger, Kepler Cheuvreux. Go ahead, please. Yes, thanks. I have three financial questions. Number one is on basically nutrition. You had 10% top-line growth and EBITDA growth also of 10% in Q4, and therefore the margin was up by 10 basis points year-over-year. Can you talk about the leverage in nutrition? In the past, I remember that when you had such a high top-line growth, then your EBITDA margin was expanding much stronger. Secondly, on the underlying depreciation and amortization charges. It's clear that the key driver for the sequential increase in D&A is the consolidation of Erber. Is there any other item which caused this sequential increase of EUR 26 million in Q4 versus Q3? Finally, I see that you had significant write-downs or impairment in Q4 of EUR 101 million. Can you explain what has caused that item? Thanks. Yeah. Hi, Martin. Let me start with the two finance ones, and then I will come back to the nutrition margin. That will probably be a bit. There is more pieces to that. When it comes to depreciation and amortization, you are absolutely right, that we see a step-up in that expense. It is good to remember, of course, over prior years that we have IFRS 16 in there. The step-up comes from the PPA. Sorry, it is jargon. From purchase price allocation on acquisitions. Here, I think it is good to say that we are probably including the PPA, looking now at about EUR 165 million per quarter, reflecting about EUR 20 million relating to those amortization of intangibles, acquired intangibles. That is on depreciation and amortization. On the impairments, absolutely correct. What we booked in Q4 are a couple of impairments. On the one hand, linked to the resins and functional materials divestments. What we had is within the scope of discussion with the solar business. Covestro took the solar coatings business, but they were less interested in the backsheets. What we did within Q4 was to have a look at the market condition, market developments, et cetera. As we always have to do, we run an impairment test, and we had to impair the remainder of the solar business. To be fair, that was already expected when we closed the deal with Covestro. This is actually factored in to the gain on disposal that we estimated when we communicated the divestment financials. That was about half of the impairments. The other half is linked to BPMS, so bio-based products and services. If you recall, the joint venture we impaired earlier in the year due to the weak market conditions in biofuels, that we don't foresee to improve in a hurry, and some technical issues with the downstream processing. What we've done as part of the full year impairment reviews is we've also looked at what we had on the balance sheet as DSM relating to biofuels. Here we're talking about some of the yeast and enzyme second generation R&D that was done over the years and seeing the prolonged difficult market conditions. This led as well to an impairment of those assets on the balance sheet, which was the other half. Both of those have been booked in Q4. Nutrition, in terms of the margins. Indeed, what you're seeing is broadly a stable margin in the quarter. Q3, to be fair, was an outlier at 22%. It's probably best to look at the full-year margin for nutrition. Here what you see is that we are at 21% versus 20.7%, so 30 basis points up. If you recall from our expectations around nutrition, is that we would be above 20% and then with some upside coming from the mix, whether it be innovation, whether it be M&A, et cetera. There are, of course, a lot of moving parts in there. This is sort of in line with what we would expect to see our nutrition business evolve towards, which is a gradual increase in margin of 30 basis points- 50 basis points per year. Thank you. Next question is from Mr. Chetan Udeshi, JP Morgan. Go ahead, please. Yeah. Hi. I just had one question. There is a lot of news flow, anecdotal data suggesting lot of disruptions in the whole shipping channels, especially between Asia and Europe, and Asia and U.S. I'm just wondering if DSM has seen any impact from that, either positively or negatively in your materials or probably more in your nutrition business, given the shipments of vitamins that usually happens from China to rest of the world. Sure. Why don't you take that, Dimitri? Yeah, let me take that one. We do see disruption in the world of container shipping and freight rates going up, but it's predominantly on spot rates. As you would expect, we as a company have long-term contracts with shipping companies, so it is not directly impacting us on the operations, although we absolutely are alert on when the shipping is being contracted and we bring stuff across the globe. From that perspective, no. We do see disruption and insecurity from goods flows. All types of people in the value chain do see insecurity ongoing. Coupled with the fact that you see Chinese New Year upcoming, which is always a bit of a supply chain nightmare the month before. That has escalated this all insecurity around it. I personally think that this will normalize again after Chinese Year is over and people are ramping up. This has more a short-term volatility effect that we need to absolutely be keen on. I can assure you that by contracting what we have done on the freights, we can continue shipping what we intended to ship. It's a bit of a volatility and insecurity for the spot rates. Nevertheless, I think it is not helpful in creating a more secure supply chain going forward. My question was more besides just the freight rates, have you seen any impact on the demand for DSM products, given that you guys are one of the few who produce some of these vitamins outside China? Are you seeing some better demand from customers in this environment where maybe the shipments from China might be disrupted in general? Yeah. I think the demand itself will not go up if freight rates are going up or whether it's insecurity on the supply. What you do see is that there are interruptions from one player to another. As we are a global player, we do see the interruptions, but we do only see that for the short term. At the end of the day, it is smoothening out. No, we've not seen a huge impact on us. What I say is, we see insecurity and volatility popping up because there is a bit of spot behavior ongoing. That is not helpful in creating a bit of a secure supply chain. No, we've not seen a huge demand going up because there is a scarcity in freight. Understood. Thank you. Next question is from Mr. Andrew Stott, UBS. Go ahead, please. Good morning, Geraldine. Good morning, Dimitri. I have two questions. First one's on the nice problem you're going to have in the next few months, I guess. Once you've got that cash from Covestro, you're going to have a reasonably inefficient balance sheet again. Can you just remind me of what your priorities are for 2021 and where the capacity is for them? I'm thinking management, not just yourselves, but divisional level as well, about the ability to do more deals in the short term if that ambition is there. That's the first question. The second question is much more detailed around your nutrition performance. The others' business saw what seems to me like a crazy number. 15% organic growth in Q4. I think you're referencing restocking in food specialties as one of the key things behind that. I just wonder if you could elaborate a bit more on that performance and maybe what you see for 2021 in that subdivision. Thank you. Thanks, Andrew. Let me start with the first one. Maybe a couple of words on the balance sheet. Indeed, we closed the year with a net debt of EUR 2.6 billion. Started the year with EUR 1.2 billion, which is a delta of EUR 1.4 billion, which basically reflects our spend on acquisitions of about EUR 1.5 billion and the share buyback. We did about EUR 145 million in 2020. That brings us to EUR 2.6 billion, and then, of course, we will get the proceeds out from the divestment, which are actually about EUR 1.4 billion, so it brings us back to EUR 1.2 billion. I wouldn't say it's a grossly inefficient balance sheet. When we announced the EUR 1 billion buyback, at the time, we were net cash. It is a slightly different situation. You're right, it does give us financial capacity to continue to invest into our future growth, which is great. I think your question was actually towards the organizational ability to do more, and we are very mindful that, of course, on the one hand, we have to complete the carve-out, but we also need to properly integrate. CSK now is done, but we're still partly doing Glycom and clearly Erber. We've just celebrated 100 days, and so there is quite a bit going on. We are in no rush in terms of having to deploy this fast, and we want to be sure. Like we've always been very disciplined on what we acquire, we also want to be disciplined in terms of not overloading the organization with too much to be done. We'll see how we go. Of course, looking back, we're very happy with the three acquisitions that we did. Particularly, and it's important to highlight, that they were in different parts of the organization. CSK in food specialties, Glycom in human nutrition, and Erber in animal nutrition, which also has spread the load in terms of the burden of integration. That's broadly how we go into the year. Dimitri, do you want to take the other nutrition? Yeah, the other nutrition. If you say other nutrition, it looks like we have something on the side. Absolutely not. This is a core segment to us. It has about three segments. Let me try to give you some color on these three segments. One is food specialties, the other one is personal care, and the third one is aroma. What we've seen on the food specialty side, we saw indeed demand for savory and dairy was very good throughout the year. Q4 saw a very strong demand across almost all product categories, with certainly some stocking effect into that, and you've seen that in the number for Q4. In personal care, remember that they were impacted by COVID throughout the year, but we saw a start of a recovery in quarter four, especially in the sun filters and cosmetics. The third one, the aroma ingredients, be aware that the aroma ingredients are also linked into hand sanitizers and all that has to do with cleaning. Part of that was really helped, and we saw strong demand for household and laundry goods. You saw three elements of which some recovery in personal care, aroma being strong, and food specialties being strong, but also with the extra stocking effect, creating a very good quarter four. For the full year, this whole set up was around 3%. I think if you rate it for the full year, I think that is more in line than an exceptional quarter four. Okay, thanks. Can I just come back to a comment, Geraldine, you made on use of balance sheet. If you're not in a hurry to do deals, is a buyback another option, or are you just happy to continue to focus on organic growth only? Yeah. Firstly, the current market environment still have a fair amount of uncertainty. I think pushing leverage for the sake of leverage is probably not wise. We also do have a lot of ideas as to where we could deploy very valuably this capital to boost our growth. Our intention is, as we always have with our capital allocation prioritization, support organic growth, obviously honor our dividend commitment, and then invest where possible in M&A. That very much is our mindset. Now, very little intentions of giving any cash back. That would have to really come on the back of not seeing sufficient opportunities, which is not the case right now. Thanks, Geraldine. Thanks, Dimitri. Next question is from Gunther Zechmann from Bernstein. Go ahead, please. Hi. Good morning, Geraldine. Good morning, Dimitri. On the materials business and the uncertainty around the outlook into 2021, can you just talk about the order book and how visibility has changed over the course of the last year? Secondly, have you seen or are you expecting to see any impact from the semi shortage in that business? Thank you. Yeah. Thanks for that question. Indeed, visibility, I think is still difficult. That's also why we're not giving a precise outlook. Certainly, with the restocking effect, it's very difficult to judge what the real markets are doing. That is difficult to give some color around. What we do see in the automotive piece is that automotive and electronics are coming together, and I think strategically, we have already indicated in our strategy a couple of years ago that we think more in terms of mobility and connectivity as the new segment, which merge more or less electronics with automotive. It's very interesting to see that the last couple of weeks that has been spelled out because the chips and the semiconductors are going in those two spaces. Today, the new electrical vehicles are more driving connectors or driving computers than anything else. We do see that there is a bit of disruption, but as we play in automotive as well as supplying almost all electronic and mobile companies in the world, we basically are not being impacted. We see some disruption, but I think the automotive world in itself with the long value chain has time to adjust. If this takes longer, most probably we'll have more structural effect. We do see if you fill the pipeline, you always see a bit of disruption going through. I don't think this is structural, but hey, if you go back to a bit of normalization, it will go with some volatility going forward. Thanks, Dimitri. Okay, operator. We have time for one last question. Yes, sir. The last question is from Mr. Sebastian Bray from Berenberg. Go ahead, please. Good morning. Thank you for taking my questions. I would have two, please. The first is on the innovation segment. What is in here now? Is it Kensey Nash plus an allocation for R&D, or has that gone? Is there anything related to biofuels left in there? What I'm trying to get at is from EBITDA margin shown a reliable guide to Kensey Nash? What are the factors that might change this? My second question is on potential other sources of capital. Prior to about three years ago now, DSM divested part of its caprolactam assets to Highsun, and at that time, from memory, there was a composite resins business stake, as well as one in acrylonitrile that was held jointly with CVC. What is the book value that these assets are held at? Could you perhaps give us an idea of the sales and EBITDA from these, and if a divestment is on the cards, given that multiples in the chemical sector are quite high at the moment? Thank you. Hi, Sebastian. Thanks for your question. Let me start with the innovation center. Indeed, very fair question. What is left in there? It's probably good to remind everyone that we have our biomedical business in there, which is broadly about EUR 150 million in sales and delivers about EUR 40 million in EBITDA. That is a quality business. It has suffered a bit last year because of elective surgeries being postponed because of COVID. We will expect a nice recovery in 2021. If you look at the EBITDA of the innovation center for the year 2020, you see there EUR 21 million, and that is netted out by a combination of other activities. Partly, we had BPMS in there with the license income, but at some losses on the solar business. Put together, that's about zero. Then we have our shared innovation support expenses, which include our IP, venturing, incubator, et cetera, which is also netted in there. What we will see going forward is partly a strong performance in biomedical and a step-up in some of our other activities. That's in terms of the P&L. In terms of the capital employed, you see there a big reduction, and that is predominantly linked to biomedical now. Following these impairments that I commented on earlier, the EUR 436 million is for the vast majority, biomedical related. Hopefully that provides some guidance there. Dimi, do you want to talk to the associates? I think what we do see is that we still have a minority share in our acrylonitrile business. That is AnQore, together with CVC. Like you said, minority share is that it's not key strategic to us, and we're looking at options to add value. We certainly have as one of the options to step out over time or to go with a buyout over time. It's not critical for us. We're looking at it from a value-adding perspective, together with the CVC, like we said, we are a minority shareholder. The same for composite resins. Composite resins, at the same time, I think one and a half year ago, acquired the AOC Resins business. This is a EUR 1 billion business in total. We have diluted our share there, over time, we will also exit that business. It's just a matter of a value generation call for DSM. It's a timing issue going forward. Like we've done on many of our divestments, and I think we've done that very well in the past, and we'll try to do the same for these two business going forward. Thank you for taking my questions. For the valuation, you find in the balance sheets, the share of associates and joint ventures is about EUR 90 million in there. That includes those associates. These are not very big balance sheet positions. Thank you. Okay, that brings an end to the Q&A for today. Dimitri, do you want to make some closing remarks? Yes. Thank you, Dave. First, Geraldine already mentioned, I want to express once again how proud we are of our colleagues at DSM, without whom we couldn't have realized these good results in this difficult environment. Besides closing three acquisitions, one divestment, and also delivering against our purpose-led sustainability ambitions in people and planet, it goes hand in hand. On the latter, on the sustainability topics, I would understandably say a few things on the pandemic situation. A lot of people would thought that we would let go of it. However, we did not, and I would remind you of our highlights on planet and people, which you can find on page 27 of the presentation. We are continuing to make strides toward net zero by 2050, not only towards the end of the 2050, but certainly already year after year today. We improve our greenhouse gas emissions along with our key suppliers. Our energy efficiency has improved by almost 6% compared to the previous year, above our own annual ambitions, and we also have stepped up our renewable electricity purchase to now 60%. I'm also personally very proud on our safety performance. Our safety frequency recordable index has improved year-over-year, as well as our employee engagement index in a COVID-19 year of 2020. This was supported by a launch of several initiatives in the year despite the pandemic. We also look confidently at the medium and long-term growth prospects of our company, and nutrition will maintain a strong growth by building on its global products, local solutions with an additional third leg, precision and personalization. In materials, we expect to continue the development of a more resilient, higher growth, high margin specialty business, amongst others, by adding further bio-based and circular solutions. With that, back to you, Dave. Okay. Thank you, Dimitri. This concludes today's conference call. If you have any further questions, please do reach out to me and my team. Thank you. Operator, back to you. Ladies and gentlemen, thank you for attending. This concludes the DSM conference call. You may now disconnect your line and have a nice day.