With a significant portion of its components manufactured in China, we expect some impact on S&T’s revenue recognition from delays, but so far, the company has made no statements. In 2019, about 6% of revenues were from China, but we could not find a significant Italian exposure as S&T rather focuses on Austria, German, CEE and the US. We might see some delays in orders in 1Q, similar to other industries, in particular regarding the avionics and automotive industries. S&T refrained from participating in the biggest trade fair for embedded systems in Europe in late February.