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OVERALL PERFORMANCE The first quarter 2021 has been influenced by new waves of infection and the subsequent lockdown measures particularly with impact essentially in the Pulp and Paper segment. The Semapa Group recorded a consolidated revenue in the first quarter of 2021 of 463.7 million euros (‐11.5% year‐on‐year), 340.8 million euros generated in Pulp and Paper / Navigator (‐16%), 113.4 million euros in Cement / Secil (+3.1%), and 9.7 million euros in Environment / ETSA (+15.2%). Exports and foreign sales for the same period amounted to 336.4 million euros, accounting for 72.5% of revenue. The reduction in Navigator s revenue reflects the decreased pulp and paper volumes, resulting mostly from the scheduled annual maintenance shutdowns of both pulp mill and paper machines in Figueira da Foz, with an impact of 11 days, and the drop in paper prices. Although pulp price increased over the period (with the benchmark index up ....