MANAGEMENT REPORT AT DECEMBER 31, 2020
Consolidated results
Change 2020 vs. 2019 Current
2020
2019 pro forma
49 84774:9> :1 0@=:>
Constant
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Analysis of changes in the main items comprising the consolidated income statement Net revenues )9LAPAK\ =4C A4E4=D4B KLGG< 9L _ aEADDAGF 9L =;=E:=Ja JGE 9L ;GFKL9FL =P;@9F?= J9L=K L _ aEADDAGF =4C A4E4=D4B ?=F=J9L=< :Q L@= E9AF :MKAF=KK DAF=K O=J= L@= *1$
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Operating expenses and headcount '42DAA8=6 4G?4=B4B C>C0;43 _ aEADDAGF L@= $FKMJ9F;= 9F< +9QE=FLK _ aEADDAGF LG L@= .AF?D= -=KGDMLAGF !MF< N=JKMK _ aEADDAGF AF L@= >AJKL @9D> G> 4032>D=C 9L L@= =F< G> L@= H=JAG< KLGG< 9L !/ MH Q=9J
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