At the end of the year under review, equity was €1,179 million (2019: €3,781 million). The net loss of €2,581 million has been recognised in the general reserves and explains the drop in equity, in particular. The return on equity was 37% negative in 2020 (2019: 5.6% positive). Solvency, at 14%, was much lower than in the previous year (2019: 40%). The decrease in total assets (€8,155 million at year-end 2020, compared with €9,448 million at year-end 2019) is due in particular to the recognition of the impairment of assets in the result.
2020 | 2019 | |
Concerning the capital position | ||
Capital base/total assets | 14% | 40% |
Current assets/current liabilities | 0.69 | 0.76 |
Working capital (in millions of euros) * | -1,181 | -901 |
Total assets (in millions of euros) | 8,155 | 9,448 |
Concerning profitability | ||
Profit for the period/average equity (ROE) | -37.00% | 5.60% |
- * Working capital: Current assets (excl. cash and cash equivalents) -/- current liabilities (excl. loans, provisions and RC credit)