2019 Annual financial report

The Group’s liquidity position remains very solid, at euro 4.7 billion, a level similar to that of a year ago, before the acquisition of Epsilon. The Group is actively managing its cash position and has drawn down its entire euro 2 billion revolving credit line, on a preventive basis, with no impact on net debt at the end of March, to address any potential short-term impact of the global pandemic on its activities.

Decisions on exceptional measures

The Group also announced in the press release of its Q1 2020 results:

• a euro 500 million cost savings plan to adapt to this new environment and prepare the exit from the crisis;
• a reduction of 50% to the proposed dividend, at euro 1.15 per share, paid in September;
• a 30% reduction in the fixed compensation of the Chairman of the Supervisory Board and the Chairman of the Management Board, and a 20% reduction for members of the Management Board.