Bel Société anonyme reiterated earnings outlook for 2020. For the full year, the company estimates that the Covid 19-related impact on sales was non-material overall, albeit with some major disparities by geographic region. In France, the Benelux countries, the UK, and the Gulf countries, local consumer spending was particularly buoyant, especially for products that can be used for home cooking. Conversely, Morocco and to a lesser degree Southern Europe were unfavorably affected, while the impact in North America remained neutral. The transformation plan initiated in 2018 continued to unfold in 2020. The associated cost-cutting plan aimed at supporting growth was successfully completed at the end of the year, in line with the earlier announced targets and schedule. As a result of the cost cutting measures, efforts to renew industrial operations productivity and Bel's quick response to adapt to health, operational and financial challenges posed by the Covid 19 pandemic, the company expects to further improve its operating margin and to generate strong cash flow at end 2020. With a long-term commitment to champion healthier food embodied by its new "For All. For Good" signature, Bel is fully in sync with a sustainable and profitable growth model.