October 28, 2020
- Continuance of the its activities since the beginning of the pandemic
- Economic Sales increase 0.7% to €1,157m compared to the previous year
- The company proposes to maintain the total dividend for 2019 of €1.18 per share, despite the adverse environment caused by the COVID-19 pandemic
Economic Sales recorded a slight increase of 0.7% to stand at €1,157m as a result of the improvements recorded in activity in Italy and, to a lesser extent, in Iberia, which mitigated the reduction seen in France.
The Adjusted Operating Profit reached €257m, decreasing 1.9% compared to 2019 due to the previous year including a positive impact from variations in the valuation of tobacco inventories, which in this period has been negative. But if this impact and the negative impact caused by the COVID-19, that the company estimates at 14 million euros, are both excluded, evolution has been positive, growing by 6%.
Regarding the Operating Profit, it stood at €206m, increasing by 1% compared to 2019. Excluding the aforementioned impacts, the Operating Profit also had a very positive evolution, increasing by close to 13%.
As a consequence of applying, for the first time this financial year, IFRS 16 on leases, and the increase in the effective tax rate to 27.9% that the company pays, Net Profit decreased by 4.5% to €157m.
The Company's Board will propose to the General Shareholders Meeting to pay in dividends, the same amount that was distributed in 2019, despite the difficult situation caused by the pandemic. This dividend of €1.18 per share, represents the distribution of 99.7% of the Net Profit achieved in 2020.