Results for the first half-year heavily influenced by COVID-19

The Group’s net sales in the first half of 2020 amounted to €943 million, down 16.9% on the corresponding period in 2019, driven by COVID-19. Accordingly, EBITDA declined by €29 million to €27 million. Our belief in a successful future in Belgium is undiminished, but the impact of COVID-19 means that it will take longer than previously expected to recover to profitability in Belgium. This is why we have recognised a non-cash impairment (in particular, goodwill) of €60 million. Excluding this impairment, the Group’s net profit fell to a loss of €16 million.

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