Summarized consolidated income statement
in millions of EUR | 2020 | % of revenue | 2019 | % of revenue |
|---|---|---|---|---|
Revenue | 3,481 | 100% | 4,039 | 100.0% |
Cost of sales and direct related expenses | - 988 | -28% | - 1,110 | -27.5% |
Gross profit | 2,493 | 72% | 2,930 | 72.5% |
Selling and marketing costs | - 1,808 | -52% | - 2,028 | -50.2% |
General and administrative costs | - 624 | -18% | - 578 | -14.3% |
Share of result of associates | - 1 | 0% | - 1 | 0.0% |
Operating result | 60 | 2% | 324 | 8.0% |
Net financial result | - 50 | -1% | - 49 | -1.2% |
Result before tax | 9 | 0% | 275 | 6.8% |
Income tax | - 54 | -2% | - 79 | -2.0% |
Result for the period | - 45 | -1% | 195 | 4.8% |
Result attributable to equity holders | - 67 | -2% | 178 | 4.4% |
Result attributable to non-controlling interests | 22 | 1% | 17 | 0.4% |
Net financial result
Net financial result was broadly in line with the previous year, reporting a slight decrease from EUR -49 million in 2019, to EUR -50 million in 2020.
Income tax
Income tax decreased from EUR 79 million in 2019, to EUR 54 million in 2020. The effective tax rate (ETR) in 2019 was 28.9%. The ETR for 2020 was 584.5%.
In 2020, the ETR indicator was not comparable with previous years due to the different weights of profits and losses in relation to the COVID-19 pandemic in the markets where we operate and changes to the relevant tax rates.
Net result for the period
Reported net result decreased from EUR 195 million in 2019 to EUR -45 million in 2020, as a result of the strong negative impact in the spring from temporary store closures, which resulted in lower sales and adjusted EBITA and higher impairment charges.
Net result attributable to equity holders decreased to EUR -67 million in 2020 from EUR 178 million in 2019.
Earnings per share (EPS)
Adjusted EPS, which excludes non-recurring items, was EUR -0.07 in FY20 (FY19: EUR 0.91). Earnings per share basic and diluted decreased by 137.5% to EUR -0.26 in FY20 (FY19: EUR 0.70).
The average number of shares outstanding was 253,714,180 in FY20 (FY19: 253,693,611).