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  • Overall robust performance despite substantial impact from COVID-19 pandemic
  • Group sales reach 19.3 billion euros, slightly negative organic sales development
  • Earnings and profitability negatively affected both by the increased investments in marketing, advertising, digitalization and IT announced at the start of 2020, and by declining volumes
  • Very strong free cash flow and significantly improved net financial position, stable dividend2
  • Implementation of agenda for purposeful growth on track

in million euros

2019

2020

+/-

Sales

20,114

19,250

 -4.3 %

Adjusted1 operating profit (adjusted EBIT)

3,220

2,579

-19.9 %

Adjusted1 return on sales (adjusted EBIT margin)

16.0 %

13.4 %

-2.6 pp

Adjusted1 earnings per preferred share (adjusted EPS) in euros

5.43

4.26

-21.5 %

Dividend per preferred share in euros

1.85

1.852

pp = percentage points
1 Adjusted for one-time expenses and income, and for restructuring expenses.

2 Proposal to shareholders for the Annual General Meeting on April 16, 2021.

Sales and EBIT development

Sales 2020