Financial results

9M 2020 consolidated results

Consolidated Income Statement Data
(Thousands of euro)	9M 2020	9M 2019
Total net sales	128,096	137,451
Gross profit	54,217	60,543
% on sales	42.3%	44.0%
Operating income	14,015	22,890
% on sales	10.9%	16.7%
EBITDA	22,218	29,880
% on sales	17.3%	21.7%
Net income (loss) from continued operations	3,133	17,721
% on sales	2.4%	12.9%
Income (loss) from discontinued operations	0	142
% on sales	0.0%	0.1%
Group net income	3,133	17,863
% on sales	2.4%	13.0%

Consolidated Balance Sheet Data
(Thousands of euro)	September 30, 2020	December 31, 2019
Group shareholders' equity	241,745	252,530
Net financial position	93,989	115,316

NET REVENUES IN LINE WITH 2Q 2020 DESPITE THE PENALIZING EFFECT OF EXCHANGE RATES, SHOWING AN ORGANIC DECREASE COMPARED TO 3Q 2019 DUE TO COVID-19 AND INTERNATIONAL TENSIONS

Consolidated revenues equal to €39 million in 3Q 2020, in line with 2Q 2020 (€39.8 million) despite the negative exchange rate effect and decreasing when compared to 3Q 2019 (€49 million)
Organic decrease of revenues compared to 3Q 2019 mainly due to the Covid-19 effect and to international tensions
Total revenues of the Group equal to €41 million, in line with 2Q 2020 (€42 million) but decreasing by -21.4% compared to 3Q 2019 (€52.2 million) mainly due to Covid-19
Consolidated gross profit equal to €16 million (41% of revenues) in 3Q 2020, compared to €22.7 million (46.4% of revenues) in 3Q 2019
Consolidated operating income equal to €2.9 million (7.4% of revenues) in 3Q 2020, compared to €9.5 million (19.4% of revenues) in 3Q 2019
Consolidated EBITDA equal to €5.7 million (14.7% of revenues) in 3Q 2020, compared to €11.9 million (24.4% of revenues) in 3Q 2019
Consolidated net income equal to €2.7 million in 3Q 2020, compared to €8.7 million in 3Q 2019
Consolidated net financial position positive and equal to €94 million as at September 30, 2020, penalized compared to the end of June by exchange rates and by extraordinary notional debts for new leases