Management Report million with all in costs of 8.6 basis points. Despite the healthy financial situation, the shareholder will forego an ordinary dividend payout (2019: CHF 294 million), underlining its commitment to the long-term success of Hilti. Outlook Both economic and construction forecasts point towards a heterogeneous recovery of the global market portfolio. Estimates for returning to pre-COVID-19 levels of construction activity range from one year up to four years for different markets, with an average of around two years. The recovery speed will depend significantly on the severity of the second and potential third COVID-19 waves and on the abilities of the various countries to accelerate the vaccination of their residents. Despite these challenges, Hilti is adhering to its strategic objectives and will continue to significantly invest in additional innovative solutions and the digitalization of customer-related and corporate processes. The Hilti Group expects a sales growth in the low single digits, and profitability at about the same level as pre-COVID-19. 2020 Financial Report | 8