in thousands of EUR | Notes | 2019 | 2018 |
|---|---|---|---|
Revenue | 4,039,306 | 3,720,976 | |
Cost of sales and directly related costs | - 1,109,550 | - 1,003,547 | |
Gross profit | 2,929,756 | 2,717,429 | |
Selling and marketing costs | - 2,027,025 | - 1,899,119 | |
General and administrative costs | - 578,091 | - 480,284 | |
Share of result of Associates and Joint Ventures | - 671 | - 702 | |
Operating result | 323,969 | 337,324 | |
Finance income | 3,592 | 1,873 | |
Finance costs | - 53,013 | - 20,229 | |
Net financial result | - 49,421 | - 18,356 | |
Result before tax | 274,548 | 318,968 | |
Income tax | - 79,177 | - 81,672 | |
Result for the year | 195,371 | 237,296 | |
Attributable to: | |||
Equity holders | 178,483 | 216,278 | |
Non-controlling interests | 16,888 | 21,018 | |
195,371 | 237,296 | ||
Earnings per share, basic and diluted (in EUR per share) | 0.70 | 0.85 |
GrandVision has applied IFRS 16 at 1 January 2019, using the modified retrospective approach. Under this approach, comparative information is not restated and the cumulative effect of applying IFRS 16 is recognized in retained earnings. The accompanying notes are an integral part of these consolidated financial statements.