Business Review Sales down 9% to €7,644 million, mainly due to lower prices EBIT before special items of €822 million, on a level with the previous year At €7,644 million, sales to third parties in the Industrial Solutions segment were €745 million below the prior-year figure in 2020. This was due to considerably lower sales in both divisions. Sales declined by €436 million to €2,775 million in the Performance Chemicals division and decreased by €309 million to €4,869 million in the Dispersions & Pigments division. (XLSX:) XLS Factors influencing sales – Industrial Solutions Industrial Solutions Dispersions & Pigments Performance Chemicals Volumes –2% 0% –5% Prices –4% –5% –3% Portfolio –1% 0% –4% Currencies –2% –1% –2% Sales –9% –6% –14% The sales performance was driven by lower price levels, especially in the Dispersions & Pigments division due to the decrease in raw materials prices. Lower volumes overall also contributed to the sales decrease. In the Performance Chemicals division, the decline in sales volumes was most pronounced in the fuel and lubricant solutions and oilfield chemicals businesses. In the Dispersions & Pigments division, volumes were at the level of the previous year. (XLSX:) XLS Segment data – Industrial Solutions (Million €) 2020 2019 +/– Sales to third parties 7,644 8,389 –9% of which Dispersions & Pigments 4,869 5,178 –6% Performance Chemicals 2,775 3,211 –14% Intersegment transfers 375 524 –28% Sales including transfers 8,019 8,913 –10% Income from operations before depreciation, amortization and special items 1,189 1,249 –5% Income from operations before depreciation and amortization (EBITDA) 1,099 1,327 –17% EBITDA margin % 14.4 15.8 – Depreciation and amortizationa 469 438 7% Income from operations (EBIT) 630 889 –29% Special items –192 69 . EBIT before special items 822 820 0% Return on capital employed (ROCE) % 9.3 12.5 – Assets 6,402 6,903 –7% Investments including acquisitionsb 331 426 –22% Research and development expenses 177 192 –8% a Depreciation and amortization of property, plant and equipment and intangible assets (including impairments and reversals of impairments) b Additions to property, plant and equipment and intangible assets Sales were additionally reduced by negative currency effects in both divisions as well as portfolio effects from the transfer of BASF’s paper and water chemicals business, which was previously reported under the Performance Chemicals division, to the Solenis group as of January 31, 2019. Dispersions & Pigments – Sales by region Location of customer Performance Chemicals – Sales by region Location of customer Income from operations (EBIT) before special items was on a level with the previous year at €822 million. Considerably higher EBIT before special items in the Dispersions & Pigments division was offset by a considerably lower contribution from the Performance Chemicals division. The increase in the Dispersions & Pigments division was largely attributable to lower fixed costs, mainly as a result of cost optimization measures. This more than offset lower margins, primarily from the price-related decrease in sales. The decline in the Performance Chemicals division was mainly driven by lower volumes. Compared with 2019, EBIT declined by €259 million to €630 million. EBIT included special charges of €192 million, mainly in connection with the carve-out of the pigments business and for impairments on property, plant and equipment in all regions. This primarily reflected the decline in production in the automotive industry as well as the expected slow recovery due to the effects of the coronavirus pandemic. Outlook for 2021 back next