For the FY 2020, SNEP shows a limited decline in its revenue, i.e. -2.9% to MAD 917 Mn in line with our estimate of MAD 914 Mn (Cf. Start the year 2021 under the cash-conversion perspective). In the health crisis context, we are witnessing a sustained increase in Demand for bleach, resulting in an increase in sales volumes for the electrolysis activity of 11.4% in 2020. This performance has enabled to offset the drop in vinyl activity (PVC & CPVC) by -5.0% during the same period.