Our investments lay the foundation for sustainable growth by facilitating both the expansion of our production and the acquisition of businesses offering growth potential. We focus our efforts in this regard on emerging economies and lucrative market niches where we can leverage our decades of experience in the management and optimization of projects and participations. 2019 saw us continue to drive forward our capital investment program in all segments of the PCC Group, with capital expenditure amounting to €163.5 million. In 2020, despite the coronavirus pandemic, our Group’s capital expenditure amounted to another €66.6 million. In 2021, our CapEx reached €110.9 million.