Over the course of 2019, VAT’s share price developed in line with the steadily improving business climate in the semiconductor sector, which is our largest market. This was also reflected by the sequential quarterly improvement in net sales during the year, which confirmed that the bottom of the cyclical downturn that began in 2018 was reached in the first half of 2019. As a result, VAT’s share price almost doubled from the lows reached at the end of 2018. VAT’s long-term growth drivers, such as Big Data, device interconnectivity, the Internet of Things and artificial intelligence remain unchallenged, and the company continued to expand its clear No. 1 market position in 2019. Although full-year profitability, as measured by EBITDA, was lower than in 2018, ongoing measures to improve operational efficiency and flexibility across the company’s growing global footprint resulted in an EBITDA margin about 200 basis points higher than the average levels in previous down-cycles. Strong cash flow generation allowed VAT to again offer an attractive dividend of CHF 4.00 per share.