Outlook

In € million	Initial outlook FY 2020 (24 Feb 2020)	Outlook FY 2020 (3 August 2020)	Outlook FY 2020 since trading update (6 October 2020)
Normalised EBIT	110 – 130	strongly 110 – 130	> 175
Free cash flow *	(315) – (285)	strong improvement compared to (215) – (185)**	additional positive impact from:  upward adjustments normalised EBIT  sale-and-leaseback transaction  positive working capital development due to more export volumes

* Cash flow before dividend, acquisitions, redemption of bonds/other financing activities; after payment of leases
** including the €100 million improvement following the final agreement on transitional plans (2 June 2020)