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06_01_21 FINANCIAL NEWS Time is on our side TFF GROUP HALF - YEAR RESULTS 2020/2021 EXCELLENT ADAPTATION OF THE BUSINESS TO THE CURRENT SANITARY AND CLIMACTIC CONDITIONS SOLID OPERATIONAL PROFITABILITY January 6th , 2021 at 17h45 Consolidated accounts ( M € ) 1st half 2020/21 % 1st half 2019/20 % Change Turnover 141.54 156.59 - 9.6 % EBITDA¹ 30.06 21.2 34.72 22.2 - 13.4 % Current Operating Income 23.96 16.9 29.89 19.1 - 19.9 % Operating Income 24.07 17.0 25.92 16.6 - 7.1 % Operating Income after adjustment 25.05 17.7 26.90 17.2 - 6.9 % Financial Result - 6.81 - 0.34 Taxes - 5.09 - 7.48 NET RESULT 13.15 9.3 19.08 12.2 - 31.1 % NET RESULT group share 12,99 9,2 18,96 12,1 - 31,5 % ( 1 ) EBITDA definition : earnings before interest , taxes , depreciation and amortization The interim consolidated financial statements for the 2020-2021 fiscal year , which were subject to a limited review by the Statutory Auditors , were approved by TFF Group management on January 6th , 2021 . In what was a difficult semester because of both the pandemic and the weather conditions , TFF Group demonstrated its solid resilience , with activity down - 9.6 % . At comparable scope and currencies , sales were down - 8.8 % compared to the same period in 2019 ( currency effect - 1.4 % , scope effect + 0.6 % ) . Wine Division : 88,4 M € in turnover , down 12,0 % ( -12.0 % organically - restated for the currency effect : -0.8 % , and for the scope effect : + 0.8 % - which represents four months of turnover for the Tonnellerie and Merranderie GAUTHIER ) Despite a first semester impacted by unfavourable meteorological conditions and the pandemic , the business coped well with both a global wine harvest which was below the ten - year average and the fires in the United States . Alcohol Division : 53,2 M € in turnover , down 5,4 % ( -3,0 % organically , adjusted for the currency effect : - 2,4 % ) The whisky division is enjoying good momentum in terms of volumes thanks to its eight production sites and the high value - added repair / renovation businesses which are operating at full capacity . However , the selling prices of barrels , which is on a downward trend , translated into a decline in turnover over the period . The second quarter saw encouraging activity in view of the expected recovery of this market . The Bourbon division returned to growth in the second quarter after a break in the first . However , the cooperage's new barrels activity fell as a result of the prudence observed by our customers . The stave mills continued to participate in the diversification and development of the business with wood sales made outside of the group . The two cooperages are organised and poised to react in real time to the market's expected recovery at ambitious levels .