The second-half results were buoyed by upbeat momentum on most of the Group’s markets, the full impact of the cost savings and successful portfolio optimization measures under the “Transform & Grow” program, reductions in discretionary spending, and a very positive price-cost spread.
In these conditions, operating income for second-half 2020 will exceed €2,000 million, representing like-for-like* growth of more than 20% compared to second-half 2019. The operating margin for second-half 2020 will therefore hit a record level.
The full annual results for 2020 along with the outlook for 2021 will be published on February 25, 2021.
* Based on comparable Group structure and exchange rates.