In principle, H&R GmbH & Co. KGaA achieved a distributable result according to German GAAP (HGB) for 2019. Nevertheless, the management will propose to the Annual General Meeting to waive the payment of a dividend. First and foremost, the first quarter of 2020 was characterized by volatility on the raw materials markets. Other issues are the economic and political uncertainties caused by the Corona Pandemic. Although H&R has weathered the crisis relatively well so far, the continuing uncertain economic prospects in core markets and for many of customers suggest that the funds should remain in the company, and be kept on an extremely careful budget.