Key consolidated data

(EUR millions and as %) 2020 2019 2018(1)
Revenue 44,651 53,670 46,826
Gross margin 28,780 35,547 31,201
Gross margin as a percentage of revenue 65 % 66,2 % 66,6 %
Profit from recurring operations 8,300 11,492 10,001
Current operating margin as a percentage of revenue 18,6 % 21,4 % 21,4 %
Net profit 4,970 7,810 6,942
Net profit, minority interests’ share 3,037 4,872 4,368
Net profit, Group share 1,933 2,938 2,574
Cash from operations before changes in working capital 13,990 16,092 11,944
Operating investments 2,478 3,294 3,038
Operating free cash flow (a) 6,093 6,237 5,382
Equity, Group share 11,270 10,880 14,240
Minority interests 24,974 24,837 22,132
Total equity 36,244 35,717 36,372
Net financial debt (b)(c) 4,213 6,184 418
Net financial debt / Total equity ratio(c) 11.6 % 17.3 % 1.1 %
(a)
See the consolidated cash flow statement in the consolidated financial statements for definition of operating free cash flow.
(b)
Excluding lease liabilities and purchase commitments for minority interests' shares, included in « Other non-current liabilities ».
(c)
Excluding the acquisition of Belmond shares at end 2018. See Note 18.1 to the 2018 consolidated financial statements.
(1)
The financial statements as of December 31, 2018 have not been restated to reflect the application of IFRS 16 Leases.