INEOS reported 2020 EBITDA year Q4 at €479 million compared to €409 million in Q4 2019 and €431 million in Q3 2020. Full-year EBITDAA was €1,535 million compared to €1,945 million in 2019.

P During the current COVID-19 virus epidemic, all the Group's plants continued to be fully operational and there were no major disruptions to supply chain operations. After the crisis hit its lowest point in the second quarter, market conditions continued to improve in the fourth quarter as the global economy emerged from the blockade. More encouraging signs were seen in the automotive, durable goods and construction sectors.

OP North America EBITDA posted at €2.12 2019 above, up from €1.2 billion in Q4 2019. eBITDA for the full year stood at €554 million, compared to €727 million in 2019. Profits in the ethylene market remained stable and margins improved in the quarter due to hurricane-related power outages. Polymer markets were tight in the quarter due to strong demand and supply disruptions from competitors. Polyethylene and polypropylene margins improved in the quarter.

OP Europe EBITDA posted at €119 million versus €139 million in Q4 2019. eBITDA for the full year was €395 million versus €591 million in 2019. Olefins markets were stable in the quarter with strong demand for all products. Demand for butadiene and benzene was particularly strong, driving significant price increases in the quarter. European polymer demand was healthy, with further improvement in durable goods demand and continued strength in consumables markets.

EBITDADA Chemical Intermediates posted €148.1 million, compared to €149.0 million in the fourth quarter. 2019.EBITDA for the full year was €586 million compared to €627 million in 2019. Overall demand trends in the Oligomers business were favorable across product areas and markets, particularly for copolymer monomers and high-viscosity PAO. improved demand for the Oxides business in the quarter, due to supply disruptions from some of our competitors, underpinned a tight market. The nitrile business saw strong performance in the ABS acrylic market due to increased demand for automotive and durable goods, particularly in Asia. Demand was strong in the phenolic resins business as residential construction and the automotive industry improved.

In December 2020, the group acquired a 50% stake in the SasolGeminini HDPE joint venture for a total cost of $404 million, including the assumption of debt. The acquisition was financed by an increase in the Gemini term loan facility to US$600 million. The Group now owns 100% of the joint venture and Gemini was first incorporated on December 31, 2020 as a wholly owned subsidiary.

The Group continues to focus on cash management and liquidity. At the end of December 2020, net debt amounted to approximately €6.3 billion (including the new Gemininini) term loan). The cash balance at the end of the quarter amounted to €1,342.2 394.4 million, of which €394.1 million was available for undrawn working capital limits. At the end of December 2020, net debt leverage was approximately 4.1x.