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You agree that we may modify the terms and circumstances of the Plan, which includes altering, removing or adding Program Banks presented therein. All notices of material changes to the System may well be communicated by a posting on our web site, letter, a separate electronic or written communication, a note on a periodic statement or other means. You have an understanding of and agree that every single Program Bank will pay us a charge in connection with the System.

Totally free cash flow (FCF) has grown from €12 mill in 2015 to €279 mill in 2020. FCF conversion (of net income) on average is about 90% and was 97% in FY20. ROEs have averaged ~50% on tangible assets over the final 5 years.

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