Press release

2020 Full Year Results

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FY 2020 results impacted by Covid-19

Strong execution on cost savings to mitigate the effects: €179.6m of adj. Ebitda

Sales down -22.9% as reported to €873.0 million; -23.9% on an organic basis
• Sharp recovery in Mainland China from H2 2020; +3.4% (1) in 2020 (o/w +24.5% (1) in H2 2020)
• Strong performance in Digital: +27.6% (2) of sales growth
• Solid execution of Covid-19 action plan: more than €100 million of cost savings (3)
• Net income at -€39.6 excluding Goodwill and right of use impairments
• Free Cash Flow at €8.0m of which €64.7m in H2 2020
• Solid liquidity headroom at the end of the year: > €220m including undrawn RCF


(1) Organic sales growth excluding 2019 Q4 one-off impacts related to off-price sales (c.€5m)
(2) Taking into account new accounting method in the US on returns
(3) Excluding IFRS 16 impacts