Share Name Share Symbol Market Type Share ISIN Share Description
Diverse Income Trust (the) Plc LSE:DIVI London Ordinary Share GB00B65TLW28 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.75 0.75% 101.00 100.00 102.00 103.50 101.00 103.00 258,368 13:46:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 14.1 12.5 3.3 30.9 362

Diverse Income Share Discussion Threads

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Https:// Outlook for 2020 The Group has good visibility on its royalty revenues4 from now to 2023 thanks in particular to the order book for its core business as at the end of June 2020. This corresponds to revenues of 832 million euros over the 2020-20235 period (374 million euros in 20206, 266 million euros in 2021, 151 million euros in 2022 and 41 million euros in 2023). Given the size of the backlog, and assuming there are no major delays or cancellations of orders, GTT confirms its targets for revenues and EBITDA for the 2020 financial year, i.e.: 2020 consolidated revenues of between €375 million and €405 million, 2020 consolidated EBITDA of between €235 million and €255 million Additionally, the Group is confirming its dividend distribution policy, i.e. for the 2020 and 2021 financial years a minimum distribution rate of 80% of consolidated net income. Interim dividend payment The Board of Directors meeting of July 29, 2020 decided the distribution of an interim dividend of 2.50 euro per share for the 2020 financial year, to be paid in cash according to the following schedule: November 3, 2020: Ex-dividend date November 5, 2020: Payment date Covid-19 Health of GTT employees and their families Although no severe cases have been identified, the Group continues to implement the recommendations of the health authorities and to update them regularly as the situation evolves. How the Group operates Registered office: except for employees at risk or close to a person at risk, all staff have returned to work on site. Subsidiaries and seconded employees: same policy as the registered office, subject to local directives. Main risks For GTT, the main risk of the coronavirus epidemic consists of possible delays to the timetable for the construction of vessels, which may lead to a shift in the recognition of revenue from one financial year to another. On the date of this press release, GTT notes some delays, but without significant impact on revenues for 2020. The risks related to the impact of the epidemic on the worldwide economy, and particularly on the market for LNG, are currently difficult to assess. The Group nevertheless reiterates that the LNG market is mainly based on long-term prospects and financing. GTT's activities are therefore functioning normally, despite a particularly difficult environment. The Group closely monitors any changes that could affect the markets in which it operates. Presentation of H1 2020 results Philippe Berterottière, Chairman and Chief Executive Officer, and Marc Haestier, Chief Financial Officer, will comment on GTT's results, and answer questions from the financial community during a conference call in English on Thursday, July 30, 2020, at 8:30 a.m. Paris Time. To participate in the conference call, please dial one of the following numbers five to ten minutes before the start of the conference: France: +33 1 76 70 07 94; United Kingdom: +44 207 192 8000; United States of America: +1 631 510 7495. Confirmation code: 4064836 This conference will also be broadcast live on GTT's website ( The presentation document will be available on the website. Financial agenda Payment of an interim dividend of €2.50 per share for the 2020 financial year: November 5, 2020 Publication of the Q3 2020 revenue: October 28, 2020 (after closing)
Https:// Outlook For the financial year 2020, Orange confirms that it does not foresee any significant deviation with respect to its financial objectives: Given current information and currently anticipated trajectories, the Group now expects a slight decline in 2020 EBITDAaL of about 1% including all the effects linked to the Covid-19 pandemic. It should be noted that, excluding the Covid-19 impact, EBITDAaL would have been 'flat positive' as expected. Given delays in investments to date, eCAPEX will be lower, offsetting the decline in EBITDAaL. Therefore, the Group's EBITDAaL less eCAPEX will be stable in 2020. The Group's commitment to exceed 2.3 billion euros in organic cash flow from telecoms activities remains unchanged. The objective for a net debt to EBITDAaL ratio for telecoms activities of around 2x in the medium term is maintained. For the 2021-2023 period, Orange confirms its financial objectives as announced during the investor day on December 4, 2019. Orange will pay an interim dividend of 0.30 euros in cash on December 9, 2020. The decision on the final amount of the 2020 dividend will be announced between the results publication dates for the 3rd and 4th quarters of 2020. A distribution of 0.70 euros per share remains the Group's objective, including for the 2020 fiscal year, the final decision will be taken at a later date, depending on the situation. Commenting on the publication of the 1st half 2020 results, Stéphane Richard, Chairman and CEO of the Orange Group, said: 'Orange has shown a remarkable level of resistance in the first half of the year, despite the effects of the Covid-19 pandemic, with a 0.3% increase in revenues and a contained decrease in EBITDAaL of 0.8%. These results bear witness to our business' resilience and its capacity for collective mobilisation in the face of this crisis. In France, in spite of the restrictions due to the pandemic, our commercial dynamic is good, in particular in fiber: indeed we delivered a second-quarter record of 238,000 net additions. Our customers' appetite for fiber confirms the validity of our investment strategy and we are continuing our deployment with a view to building as many connection points in 2020 as we did in 2019 notwithstanding the unprecedented health context. In Spain, where the situation remains challenging given the market's slide towards low cost, we have adapted our positioning and enlarged the range of our offers: a strategy that is now showing its first results. In Africa and in the Middle East, revenues grew 3.8% in the first half and EBITDAaL rose by more than 7%: an excellent performance driven by mobile data (with a 40% increase in 4G customers year on year), by broadband and by Orange Money, that will be further strengthened by last week's launch of Orange Bank Africa. Even though Orange has proven to be more vital than ever to its business customers over these past months, the health crisis has impacted our results in B2B. I would, however, point to the very good performance of Orange Cyberdefense and Orange Cloud for Business where revenues grew by 11% and 8% in the first half. This crisis has revealed the strategic nature of telecoms networks for our economies and even society as a whole. While impacted, we are comforted in the strategic choices we made with Engage 2025, the roll-out of which we will be accelerating, whether this be through mastering our carbon footprint, the deployment and optimisation of our infrastructures or the development of our growth territories. I'd like to conclude by extending my warm thanks to all of Orange's teams who have been fully mobilised throughout the crisis to serve our customers.'
announcement Jul 30, 2020 The Board of Royal Dutch Shell plc (“RDS” or the “Company”;) today announced an interim dividend in respect of the second quarter of 2020 of US$ 0.16 per A ordinary share (“A Share”) and B ordinary share (“B Share”).
FTSE100 Q2 dividends down 45%. FTSE 250 Q2 dividends down 76%. Https:// Not just me then.
Rough Q2 reports ahead for Big Oil names; BP dividend cut seen likely Jul. 22, 2020 6:57 PM ET|About: BP PLC (BP)|By: Carl Surran, SA News Editor For the first time since at least he early 2000s, all five Big Oil supermajors - BP, Chevron (NYSE:CVX), Exxon (NYSE:XOM), Shell (RDS.A, RDS.B) and Total (NYSE:TOT) - are poised to post a quarterly loss, analysts say. "Worst-in-a-generation oil prices combined with OPEC production cuts, collapsing refining margins and millions of barrels of unsold crude mean no facet of Big Oil's business has emerged unscathed," Bloomberg writes. For BP, several analysts anticipate a cut in the dividend payout of 30%-65%, a historic move for a company that has been a cornerstone dividend payer. Exxon, Chevron and Total are not expected to follow suit, although Goldman analysts believe a cut at Exxon "could enable a financially healthier company." Shell already cut its dividend for the first time since World War II earlier this year. Exxon's borrowing is rising rapidly and eventually will become a cause for concern, according to Morgan Stanley and Goldman, which says the company's net debt increased $8.8B in Q2 and will surge to $78B by year-end 2022. Chevron's agreement to acquire Noble Energy this week includes the assumption of $8B of additional debt, but CEO Mike Wirth says the company remains well-placed to pay its dividend. "Our team has forecasted earnings for 72 quarters and Q2 2020 seems the most difficult of them," says Jefferies' Jason Gammel.
From Shares Mag (paraphrased): The number of FTSE 100 companies with 10 years of consecutive raised dividends fell from 25 at the start of the year to 14 at the end of H1, according to AJ Bell. FTSE100 yield fell from 4.7% to 3.6%, covered only 1.4 times.
Https:// Dividend timetable for Q1 2020 Payable Thursday 9 July 2020 Dividend timetable for Q2 2020 Announcement date Wednesday 29 July 2020 Ex-dividend date* Thursday 13 August 2020 Record date Friday 14 August 2020 Last date for DRIP elections Thursday 17 September 2020 Payable Thursday 8 October 2020
adrian j boris
Is Shell’s Dividend Cut Permanent? Join Our Community Investors were more than annoyed when Royal Dutch Shell slashed its dividend by two thirds. Just last year, the giant oil company announced its plan to pay out huge dividends over the coming five years. Actually, the investors used stronger terms than “annoyed.̶1; They had reason to be annoyed after the strong commitment to the dividend, but maybe they should have previously shown a greater skepticism about the ability of any management to make such a commitment. Times change and perhaps no managements or boards should publicly commit to actions so far ahead of time. Royal Dutch Shell has a reputation for forward planning. And dividend policy, which is supposed to reflect management’s best long term projections is not something that is trifled with lightly. So what does the significant dividend cut say? Management offered two explanations: 1) it was unwise to pay a dividend that would not be earned. i.e. that would require borrowing to sustain. That would reduce the resilience (a favorite word nowadays) of the company. Royal Dutch Shell, however, has the borrowing power and resources to pay an unearned dividend as well as carry out other activities during a short period of difficulties. We could see cash flow of $35 billion and capital expenditures of $20 billion during a bad year, which leaves just enough to pay the annual dividend of $15 billion. An optimistic management would not see this as a problem at all. But a 66% dividend reduction suggests less than optimistic hopes for a sharp rebound in demand. Or perhaps instead that increasingly volatile global oil market conditions may become the new normal, therefore making a large dividend imprudent. Management added another explanation, though: 2) The company also needed the cash resources of the dividend to shift to a position of net zero carbon emissions by 2050. This seems to have puzzled investors even more than concerns about profound future market volatility. Royal Dutch Shell’s management did not explain how cash conserved in this manner would be profitably redeployed to reach this goal. The collateral issue for investors is how seriously to take management’s guidance which assumes a financial policy continuity for many decades in the future long after the retirements of current senior management and directors. Related: China Set To Ramp Up Natural Gas Imports This Decade Royal Dutch Shell could cease investing in new oil properties, sell off what it owns and put the money into non-fossil energy or just return the cash to its investors. That would get it into a net zero position sooner. Or it could wind down its oil businesses gradually and liquidate the company by paying out dividends rather than retain the money. But with so much money going into the development of oil properties, it is difficult for outsiders to evaluate the company’s new direction, which seems to be: “We want to go green, but not quite yet.” This ambivalence about capital investment direction puts investors in an uncomfortable position. Those looking for steady, high yields have been served notice. They can no longer depend on this sector for above average dividend yields. More risk tolerant growth investors may also become reticent about a business gradually losing market share in an energy market that is itself slow growing. Investors who want exposure to the renewables market will not likely do so via investment in oil companies that increasingly own renewables. In this respect oil companies at this stage don’t bring much to the table except their money. And there is plenty of that around from other sources. Also the environmental-social-governance (ESG) investor movement is growing in importance. And this vocal group is decidedly anti oil and all other fossil fuels. Back in the day portfolio managers catering to yield oriented investors could say, “Yeah, those oil companies are big time polluters but where else can you get 500 or 600 basis points over the risk free rate? Well with this dividend cut that argument just went out the window. Almost five decades ago, the US electric utility industry had a reputation for rock-solid common stock dividends with above average yields. But power plants, especially those located on the east and west coasts, were at that time heavily fueled by cheap oil from the Middle East. Suddenly this formerly cheap fuel first became scarce and then far more expensive. New York’s own Consolidated Edison Company found itself heavily exposed in the early 1970s and did the unthinkable, omitting its dividend. That was the icebreaker so to speak. Others followed. The key takeaway, to us, is that after the Con Ed dividend cut, yield oriented investors looked at electric utilities differently. They could no longer rely on a dividend even during times of stress. We wonder if, in a similar way, Royal Dutch Shell’s dividend action has similarly broken the ice. By Leonard Hyman and William Tilles for
Possibly of interest here to income seekers, just posted this on PHNX (Phoenix) thread: bluemango9 Jun '20 - 11:35 - 4011 of 4011 Edit 0 2 0 Added again. Rather overweight now. Still think these have been overlooked at this price. Time will tell. Bull factors: 7% yield looking relatively safe. Legacy life assurance business model not hugely reliant on selling new product or services, unlike many other companies in current uncertain economic environment. Low price possibly has much to do with confusion over fundamentals (eg focus on PE/eps) Staff not furloughed, so no moral obligation to suspend dividends. Chairman's wife recently bought £117k worth around these levels. Director deals aren't always a useful indicator, but nobody, whatever your situation, is going to fork out that kind of cash without being reasonably sure the capital would be secure.
Frank Prenesti Sharecast News 09 Jun, 2020 07:29 09 Jun, 2020 11:55 BAT warns of Covid-19 sales hit but commits to dividend payout pall-mall-cigarettes-tabac-bat British American Tobacco lowered full year guidance as coronavirus travel bans and lockdowns in South Africa, Mexico and Argentina hammered sales. The maker of Pall Mall and Rothmans on Tuesday said it expected constant currency adjusted revenue growth of 1% - 3% from previous guidance of around the lower end of 3% - 5%. It also forecast mid-single figure adjusted diluted earnings per share growth, compared with high single figure previously as sales in emerging markets were hit. BAT added that it would maintain dividends, paying out at a ratio of 65% of adjusted diluted EPS and growth in sterling terms, “supported by a strong liquidity position”. It said revenue had been especially hard hit in South Africa where sales of tobacco were stopped completely in March as part of measures to combat the virus. US sales were proving more resilient than expected across the industry, with volumes falling around 4% this year. Debt reduction would continue, but at a slower rate, BAT added. Richard Hunter, head of markets at interactive investor said the "bull case" on BAT shares remained clear. "BAT continues to generate cash on a prodigious basis given the underlying inelastic demand of its products, while also reaping the reward of high margins following a major cut to production costs after moving its manufacturing facilities some years ago to more cost-efficient geographies," he said. Hunter said the stock had outperformed the FTSE 100, rising nearly 4%, as compared to a 12% decline for the wider index over the last year, displaying some of its defensive qualities. "At the same time, appetite for the shares is undiminished, with the market consensus remaining firmly in place as a strong buy.” AJ Bell investment director Russ Mould said analysts had been looking for a 4% increase in EPS to 335.4p a share, which underpinned estimates of an identical increase in the full-year dividend – paid in quarterly instalments – "to just shy of 219p a share". "If that sum is indeed paid, it would add to BAT’s streak of increased annual dividend payments which dates back to 1998, according to Refinitiv data," Mould said. “Those forecasts will not be going up after today and they may even come down very slightly, but a dividend of just under 219p a share still equates to a dividend yield of 7.3%, more than enough to catch the eye of income-starved investors who have seen 46 FTSE 100 firms cut, defer, suspend or cancel a dividend payment already in 2020." “The question that analysts need to ask themselves about BAT – and indeed the other big payers in the FTSE 100 – is whether the pay-out ratios are defensible over the short-term, owing to any hit to business from COVID-19, and then the long-term, which issues such as competitive position, regulatory threat, management acumen and financial strength will all remain key considerations.". Mould also cautioned that the tobacco industry was no longer guaranteed to be immune from volatility, with falling global volumes and regulatory pressure on branding and advertising and now Next Generation Products which could mean "some investors are less convinced of the long-term cash-generative capabilities of tobacco".
08/06/2020 9:50am UK Regulatory (RNS & others) Bp (LSE:BP.) Intraday Stock Chart Monday 8 June 2020 Click Here for more Bp Charts. TIDMBP. RNS Number : 2547P BP PLC 08 June 2020 8 June 2020 BP p.l.c. First quarter interim dividend for 2020 Payments of dividends in sterling On 28 April 2020, the Directors of BP p.l.c. announced that the interim dividend for the first quarter 2020 would be US$0.1050 per ordinary share (US$0.630 per ADS). This interim dividend is to be paid on 19 June 2020 to shareholders on the share register on 11 May 2020. The dividend is payable in cash in sterling to holders of ordinary shares and in US dollars to holders of ADSs. The board has decided not to offer a scrip dividend alternative in respect of the first quarter 2020 dividend. Dividend reinvestment plans have been made available for this dividend for ordinary shareholders and ADS holders (subject to certain exceptions) to receive additional BP shares. Sterling dividends payable in cash will be converted from US dollars at an average of the market exchange rate over the four dealing days from 2 to 5 June 2020 (GBP1 = US$1.25868). Accordingly, the amount of sterling dividend payable in cash on 19 June 2020 will be: 8.3421 pence per share. Details of the first quarter dividend and timetable are available at For further information on your dividend payment options visit This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit END DIVGIGDLCSGDGGI (END) Dow Jones Newswires June 08, 2020 04:50 ET (08:50 GMT)
Continental Cuts Proposed Dividend for 2019 -- Update Share On Facebook Print Alert --Continental has cut its dividend proposal for 2019 due to a high degree of economic uncertainty --The company will present a new remuneration system that integrates sustainability goals --Andreas Wolf has been appointed member of the company's executive board By Giulia Petroni Continental AG said Wednesday that it would cut its dividend proposal for 2019 due to economic uncertainty. The German car-parts manufacturer said the executive and supervisory boards proposed a dividend payment of 3 euros ($3.35) a share. The company had previously proposed a dividend of EUR4 a share. The reduced proposal will be put to a vote at the annual shareholders' meeting scheduled for July 14, Continental said. "The economic landscape continues to be characterized by a high degree of uncertainty due to the impact of the coronavirus," Wolfgang Reitzle, chairman of the supervisory board, said. "In this challenging situation, ample capital resources and adequate liquidity are of top priority." Continental said the supervisory board would present a new remuneration system, in which a major portion of the variable salary component for executive board members and executives is linked to the company's share-price performance and the achievement of sustainability goals. The new system also sets a cap on pay for members of the executive board, in line with the legal requirements and recommendations of the German corporate governance code, it said. At the next annual shareholders' meeting, the company will also propose a resolution foreseeing only a fixed remuneration without a variable component to members of the supervisory board. The company said regulation would take effect retroactively from Jan.1, 2020. In addition, members of the supervisory board agreed to forego part of their fixed remuneration this year. Members of the executive board had already decided on a salary waiver until the end of July back in March. Andreas Wolf, chief executive of Vitesco Technologies GmbH, has been appointed to the executive board of the company, Continental said. Write to Giulia Petroni at (END) Dow Jones Newswires June 03, 2020 07:45 ET (11:45 GMT) Copyright (c) 2020 Dow Jones & Company,
AXA halves dividend amid regulatory pressure May pay special dividend in Q4 AXA is the latest company to cut its dividend David Brenchley 03 June 2020 Insurer and asset manager AXA has announced it will halve its dividend amid pressure from regulators on firms to rethink their shareholder distributions during the Covid-19 pandemic. [x] AXA said it would slash its payout, due on 9 July, to €0.73 per share, from €1.43, after the European Insurance and Occupational Pensions Authority (EIOPA) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) suggested firms adopted "a prudent approach towards dividend distributions". The Paris-based company added it may continue proposing a further dividend payment of €0.7 in Q4 2020 to make up for the cut, "subject to favourable market and regulatory conditions at that time". H1 2020 results round-up: Investors pull £325m from Premier Miton's multi-asset funds Chairman of AXA's board Dennis Duverne said the firm's priority from the start of the pandemic "has been to act responsibly towards all its stakeholders". "AXA's first priority has been to help its customers navigate through this crisis and to protect the safety of its employees, including guaranteeing their full employment for the duration of the confinement period," Duverne explained. "The group also continues to support its most impacted customers by taking a range of exceptional measures beyond its contractual obligations, and the wider community by participating in national solidarity efforts including contributions to various public funds. "Reflecting the strength of the group's balance sheet, AXA has fulfilled these undertakings without requesting any government aid. "The board of directors' decision to reduce the proposed dividend demonstrates the same sense of responsibility towards AXA's institutional and individual shareholders, while adopting a prudent approach in the current environment." AXA considering sale of Architas - reports AXA said it would not be able to provide an estimate of the impact of Covid-19 on investment margin or unit-linked and asset management fees during 2020, as it "will depend on the evolution of financial market conditions through the remainder of the year".
grupo guitarlumber
06/02/2020 BST A final dividend is removed today from Orange's share.
la forge
Total Announces the Payment Terms of the Final 2019 Dividend Following the Shareholders' Meeting of May 29, 2020 Print Alert Regulatory News: The Shareholders' Meeting of TOTAL S.A. (Paris:FP) (LSE:TTA) (NYSE:TOT), held today at its registered office under the chairmanship of Mr Patrick Pouyanné, declared a dividend of EUR2.68 per share for the financial year 2019. Given the first two interim dividends of EUR0.66 per share and the third interim dividend of EUR0.68 per share paid respectively on October 1(st) , 2019, January 8, 2020 and on April 1(st) , 2020, the remaining final 2019 dividend to be paid amounts to EUR0.68 per share. The Shareholders' Meeting also decided that shareholders will be given the option to receive payment of this final dividend in cash or in new shares of the Company, each choice being exclusive of the other. The share price of new shares to be issued as payment of the final dividend is set at EUR28.80. This price is equal to 90% of the average opening prices of the shares for the twenty trading days preceding the Shareholders' Meeting, reduced by the amount of the final dividend and rounded up to the nearest cent. The shares issued will carry immediate dividend rights, be admitted for trading on Euronext Paris and be fully assimilated with existing TOTAL shares. If the amount of the final dividend for which the option is exercised does not correspond to a whole number of shares, the shareholders may opt to receive either the number of shares immediately above, by paying a cash adjustment on the day they exercise their option, or the number of shares immediately below, plus a balancing cash adjustment. Shareholders and holders of American Depositary Shares ("ADS") will be given the option to receive the dividend either in cash or in new shares, by instructing their financial advisors, according to the following timetable: In 2020 Shareholders ADS holders Ex-dividend date June 29 June 25 Period to opt in for the payment in July 1 to July 10 June 29 to July 7 new shares (inclusive) (inclusive) Payment in cash or in new shares July 16 July 23 About Total Total is a broad energy Group, which produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major. * * * * *
sarkasm 19 May '20 - 18:21 - 114 of 114 0 1 0 Https:// 20May 2020 Dividend payment date* * For the 2019 financial year, the Board of Directors is proposing a cash dividend of CHF 2.00 per registered share, subject to approval by the shareholders at the Annual General Meeting on 12 May 2020. The dividend will be fully paid out of the foreign capital contribution reserve and is not subject to Swiss withholding tax.
la forge
A very interesting article on the BBC business page today about Diversified Oil and Gas, which DIVI holds. I didn't realise it was an American company, but it appears to have a very sound business plan.
Dividend The Board has debated at length what Richemont's policy should be in respect of this year's dividend. Whilst the Group has a strong balance sheet and more than adequate cash resources, we feel it appropriate to be prudent and retain as much flexibility as possible at this time of limited visibility as to the prevailing economic situation. Equally, we must acknowledge the contribution of the Swiss authorities in supporting our colleagues during these difficult times when they have been temporarily laid off or put on to short-time working. We propose therefore to pay a lower cash dividend of CHF 1.00 per 'A' share (and CHF 0.10 per 'B' share), subject to the approval of shareholders at the annual general meeting. However, recognising the difficulty in predicting the likely scope for the recovery in demand and the timing of that recovery, we are looking at the potential to provide shareholders with some additional form of reward to compensate in part for the reduction in the cash dividend per share. Such a 'loyalty bonus' could potentially take the form of the distribution to shareholders of an instrument entitling them to acquire further shares on advantageous terms. Further work needs to be done in terms of the practical, legal and fiscal aspects of any such scheme; we would hope to make a further announcement in this respect in good time ahead of the annual general meeting. Outlook We are experiencing unprecedented times with severe disruptions across the world simultaneously. The closures of our internal and external points of sales, changing attitudes towards consumption and subdued consumer sentiment will weigh on this year's results, even if, at the time of writing, we are gradually resuming operations as parts of the world emerge from lockdown. It is impossible to make meaningful predictions at this time. We are more than ever committed to safeguarding our people, brand equity, assets and partners. Richemont is supported by professional, courageous teams and a strong balance sheet that will see us through these trying times. I would like to thank all of our colleagues for the fortitude, agility, creativity and resilience that they continue to demonstrate in the face of unparalleled uncertainty. Their dedication to crafting the future gives me confidence that we will withstand this crisis and emerge stronger. The pandemic has meant that many of us have lost loved ones and millions have suffered the consequences of the virus and its related lockdown measures. It has been a global catastrophe beyond our imagination. In these difficult times, I send my best wishes to each of our colleagues, our clients, our business partners and our shareholders. Take care and stay well. Johann Rupert Chairman Compagnie Financière Richemont SA Geneva, 15 May 2020
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