Financial information for the year ended December 31, 2020

In 2020, the Group focused sharply on protecting its employees and maintaining business continuity, while supporting its host communities.

With the steep drop in markets over the year, SOI^* came to €1,878 million, a 37% decline that reflected:

• the Covid-19 crisis, which led to a €1,703 million decrease from the 14% decline in volumes and the under-absorption of production plant fixed costs, as well as to the outlay of around €98 million for dedicated protective measures;

• the disciplined management of the price-mix (up 1.2%) at a time of declining raw material prices;

• the €240 million reduction in SG&A expenses.

Structural free cash flow** came to €2 billion, thanks to the disciplined cash management during the crisis and the exceptionally low level of year-end inventories due to the sustained recovery in demand in the second half.

• Gearing stood at 28% at year-end 2020, an 11-point improvement on 2019.

The Group is continuing to deploy its strategy:

• Newly acquired companies are being integrated as planned, generating €55 million in additional synergies in 2020; these synergies represent €81 million on an annualized basis;

• The Group is expanding its business in new areas of growth, by investing in metal 3D printing, hydrogen mobility and, more recently, new recycling technologies.

€625 million in net income, down €1,105 million, and a recommended dividend of €2.30 per share.