After a strong year in 2019, Beiersdorf’s shares held up well in the first half of 2020 amid an unusually volatile market environment. This was thanks to their defensive nature. The losses of over 20% at the peak of the coronavirus crisis were moderate by comparison with the wider market. During the second half of the year, however, the HPC (home and personal care) sector, including Beiersdorf’s shares, came under pressure. Lack of transparency around future market developments, fears of recession, and the effects of intense price competition overshadowed the general economic recovery in this period. Nevertheless, Beiersdorf’s shares recovered and again reached the €100 mark for a time. In the final quarter of 2020, our share price was in the €90 to €100 range amid a very volatile market environment. The markets and Beiersdorf’s share price over this period were driven partly by new lock- down restrictions and concerns about the second wave of infection, but also by the progress in developing a vaccine against the coronavirus, which was a source of new knowledge and hope.