Correction

Vranken-Pommery Monopole - 2020 Annual Results - Positive results despite the health crisis - Seite 2

• Current Operating Profit of €18.6m, down €5.7m. The Group reduced its personnel costs by €7.5m, of which €2.1m related to government support measures in the context of the pandemic.
• Operating Profit of €18m, down by €2.3m, with a stable margin compared to sales at 7.7%.
• Financial result improved by €2m to €17.3m, as a result of the work carried out over the last 3 years to reduce financial debt and improve financing conditions. The average rate of financial debt will be 2.40% in 2020 compared to 2.54% in 2019
• A net profit of €0.3m despite the deteriorated context.

Financial structure

Data in €M
ASSETS	31/12/20	31/12/19		LIABILITIES	31/12/20	31/12/19
Non-curent assets	508,5	511,8		Equity attributable to the Group	368,2	369,3
Inventories and work in progress	673,2	685,8		Minority interests	4,3	4,3
Trade and other current assets	97,6	96,6		Non-current liabilities	690,6	708,1
Cash and cash equivalents	17,5	6,5		Current liabilities	233,7	213,0
TOTAL	1 296,8	1 294,7		TOTAL	1 296,8	1 294,7

  

Shareholders' equity remains stable at €372.5m and represents almost 29% of the balance sheet total.

The Group's net financial debt at 31/12/2020 was €683.6m compared with €712.1m in 2019, a reduction of €28.5m. This reduction corresponds to the group's net cash generation, thanks to the control of its operating requirements. Restated for the application of IFRS 16 in the amount of €25m in 2020, net financial debt stands at €658.6m, fully covered by the €673.2m of inventories.