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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_verboseLabel_labelen" xml:lang="en">Change in working capital requirements - trade receivables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:to="AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustedWeightedAverageShares" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustedWeightedAverageShares" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="AdjustedWeightedAverageShares_verboseLabel_labelen" xml:lang="en">Fully diluted weighted average number of shares</link:label>
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="Assets_verboseLabel_labelen" xml:lang="en">TOTAL ASSETS</link:label>
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="AdjustmentsForIncomeTaxExpense_verboseLabel_labelen" xml:lang="en">Adjustments for income tax expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForIncomeTaxExpense" xlink:to="AdjustmentsForIncomeTaxExpense_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="BasicEarningsLossPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_BasicEarningsLossPerShare" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="BasicEarningsLossPerShare_verboseLabel_labelen" xml:lang="en">Net income per share, attributable to owners of the parent (€)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BasicEarningsLossPerShare" xlink:to="BasicEarningsLossPerShare_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CashFlowsFromUsedInOperatingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CashFlowsFromUsedInOperatingActivities_verboseLabel_labelen" xml:lang="en">Net cash flows from (used in) operating activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInOperatingActivities" xlink:to="CashFlowsFromUsedInOperatingActivities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CashFlowsFromUsedInInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CashFlowsFromUsedInInvestingActivities_verboseLabel_labelen" xml:lang="en">Net cash flows from (used in) investing activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInInvestingActivities" xlink:to="CashFlowsFromUsedInInvestingActivities_verboseLabel_labelen" xlink:type="arc" />
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="AdjustmentsForUndistributedProfitsOfInvestmentsAccountedForUsingEquityMethod_verboseLabel_labelen" xml:lang="en">Adjustments for undistributed profits of investments accounted for using equity method</link:label>
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    <link:loc xlink:type="locator" xlink:label="BankOverdraftsClassifiedAsCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_BankOverdraftsClassifiedAsCashEquivalents" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="BankOverdraftsClassifiedAsCashEquivalents_verboseLabel_labelen" xml:lang="en">Bank overdrafts</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="BankOverdraftsClassifiedAsCashEquivalents" xlink:to="BankOverdraftsClassifiedAsCashEquivalents_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ComprehensiveIncomeAttributableToNoncontrollingInterests_verboseLabel_labelen" xml:lang="en">Attributable to non-controlling interests</link:label>
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    <link:loc xlink:type="locator" xlink:label="ComprehensiveIncomeAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ComprehensiveIncomeAttributableToOwnersOfParent_verboseLabel_labelen" xml:lang="en">Attributable to owners of the parent</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="ComprehensiveIncomeAttributableToOwnersOfParent_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CurrentLeaseLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CurrentLeaseLiabilities_verboseLabel_labelen" xml:lang="en">Current lease liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLeaseLiabilities" xlink:to="CurrentLeaseLiabilities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CapitalReserveMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CapitalReserveMember" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CapitalReserveMember_verboseLabel_labelen" xml:lang="en">Capital reserve [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CapitalReserveMember" xlink:to="CapitalReserveMember_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital_verboseLabel_labelen" xml:lang="en">Cash flows from (used in) operations before changes in working capital</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital" xlink:to="CashFlowsFromUsedInOperationsBeforeChangesInWorkingCapital_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition_verboseLabel_labelen" xml:lang="en">Total cash and cash equivalents if different from statement of financial position</link:label>
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    <link:loc xlink:type="locator" xlink:label="ComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ComprehensiveIncome_verboseLabel_labelen" xml:lang="en">Total comprehensive income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ComprehensiveIncome" xlink:to="ComprehensiveIncome_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CashAndCashEquivalents_verboseLabel_labelen" xml:lang="en">Cash and cash equivalents</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashAndCashEquivalents" xlink:to="CashAndCashEquivalents_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_verboseLabel_labelen" xml:lang="en">Current financial liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings" xlink:to="CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CurrentProvisions" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentProvisions" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CurrentProvisions_verboseLabel_labelen" xml:lang="en">Current provisions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentProvisions" xlink:to="CurrentProvisions_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CurrentTaxLiabilitiesCurrent" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentTaxLiabilitiesCurrent" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CurrentTaxLiabilitiesCurrent_verboseLabel_labelen" xml:lang="en">Current tax liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTaxLiabilitiesCurrent" xlink:to="CurrentTaxLiabilitiesCurrent_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CashFlowsFromUsedInFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CashFlowsFromUsedInFinancingActivities_verboseLabel_labelen" xml:lang="en">Net cash flows from (used in) financing activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashFlowsFromUsedInFinancingActivities" xlink:to="CashFlowsFromUsedInFinancingActivities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CurrentTradeReceivables" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentTradeReceivables" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CurrentTradeReceivables_verboseLabel_labelen" xml:lang="en">Trade receivables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentTradeReceivables" xlink:to="CurrentTradeReceivables_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentLiabilities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CurrentLiabilities_verboseLabel_labelen" xml:lang="en">Current liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentLiabilities" xlink:to="CurrentLiabilities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_CurrentAssets" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CurrentAssets_verboseLabel_labelen" xml:lang="en">Current assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CurrentAssets" xlink:to="CurrentAssets_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="DeferredTaxAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DeferredTaxAssets" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="DeferredTaxAssets_verboseLabel_labelen" xml:lang="en">Deferred tax assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DeferredTaxAssets" xlink:to="DeferredTaxAssets_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="DepreciationAndAmortisationExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DepreciationAndAmortisationExpense" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="DepreciationAndAmortisationExpense_verboseLabel_labelen" xml:lang="en">Depreciation and amortization</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepreciationAndAmortisationExpense" xlink:to="DepreciationAndAmortisationExpense_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="DilutedEarningsLossPerShare" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DilutedEarningsLossPerShare" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="DilutedEarningsLossPerShare_verboseLabel_labelen" xml:lang="en">Diluted net income per share, attributable to owners of the parent (€)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DilutedEarningsLossPerShare" xlink:to="DilutedEarningsLossPerShare_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets" />
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    <link:loc xlink:type="locator" xlink:label="DividendsReceivedClassifiedAsOperatingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DividendsReceivedClassifiedAsOperatingActivities" />
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    <link:loc xlink:type="locator" xlink:label="EmployeeBenefitsExpense" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EmployeeBenefitsExpense" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EmployeeBenefitsExpense_verboseLabel_labelen" xml:lang="en">Personnel expenses</link:label>
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    <link:loc xlink:type="locator" xlink:label="EquityAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EquityAttributableToOwnersOfParent_verboseLabel_labelen" xml:lang="en">Equity, attributable to owners of the parent</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToOwnersOfParent" xlink:to="EquityAttributableToOwnersOfParent_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="EquityAttributableToOwnersOfParentMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityAttributableToOwnersOfParentMember" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EquityAttributableToOwnersOfParentMember_verboseLabel_labelen" xml:lang="en">Equity attributable to owners of parent [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAttributableToOwnersOfParentMember" xlink:to="EquityAttributableToOwnersOfParentMember_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="DividendsPaid" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DividendsPaid" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="DividendsPaid_verboseLabel_labelen" xml:lang="en">Dividends recognised as distributions to owners</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaid" xlink:to="DividendsPaid_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="Equity" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_Equity" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="Equity_verboseLabel_labelen" xml:lang="en">Equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Equity" xlink:to="Equity_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="EquityAndLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityAndLiabilities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EquityAndLiabilities_verboseLabel_labelen" xml:lang="en">TOTAL EQUITY AND LIABILITIES</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityAndLiabilities" xlink:to="EquityAndLiabilities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="EquityMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_EquityMember" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="EquityMember_verboseLabel_labelen" xml:lang="en">Equity [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EquityMember" xlink:to="EquityMember_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="FinanceIncomeCost" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FinanceIncomeCost" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="FinanceIncomeCost_verboseLabel_labelen" xml:lang="en">Net financial items</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinanceIncomeCost" xlink:to="FinanceIncomeCost_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="FeeAndCommissionIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_FeeAndCommissionIncome" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="FeeAndCommissionIncome_verboseLabel_labelen" xml:lang="en">Management, administrative and other activities income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FeeAndCommissionIncome" xlink:to="FeeAndCommissionIncome_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss_verboseLabel_labelen" xml:lang="en">Tax effects</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss" xlink:to="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss_verboseLabel_labelen" xml:lang="en">Tax effects</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss" xlink:to="IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="IncreaseDecreaseInCashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="IncreaseDecreaseInCashAndCashEquivalents_verboseLabel_labelen" xml:lang="en">Net increase (decrease) in cash and cash equivalents</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseInCashAndCashEquivalents" xlink:to="IncreaseDecreaseInCashAndCashEquivalents_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="IncomeTaxExpenseContinuingOperations" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="IncomeTaxExpenseContinuingOperations_verboseLabel_labelen" xml:lang="en">Tax expense</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxExpenseContinuingOperations" xlink:to="IncomeTaxExpenseContinuingOperations_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="IncomeTaxesPaidRefundClassifiedAsOperatingActivities_verboseLabel_labelen" xml:lang="en">Income taxes refund (paid)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:to="IncomeTaxesPaidRefundClassifiedAsOperatingActivities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="InvestmentProperty" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InvestmentProperty" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="InvestmentProperty_verboseLabel_labelen" xml:lang="en">Investment property</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentProperty" xlink:to="InvestmentProperty_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="IntangibleAssetsOtherThanGoodwill" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="IntangibleAssetsOtherThanGoodwill_verboseLabel_labelen" xml:lang="en">Intangible assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IntangibleAssetsOtherThanGoodwill" xlink:to="IntangibleAssetsOtherThanGoodwill_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseThroughSharebasedPaymentTransactions" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="IncreaseDecreaseThroughSharebasedPaymentTransactions_verboseLabel_labelen" xml:lang="en">Increase (decrease) through share-based payment transactions, equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughSharebasedPaymentTransactions" xlink:to="IncreaseDecreaseThroughSharebasedPaymentTransactions_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="IncreaseDecreaseThroughTreasuryShareTransactions" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IncreaseDecreaseThroughTreasuryShareTransactions" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="IncreaseDecreaseThroughTreasuryShareTransactions_verboseLabel_labelen" xml:lang="en">Increase (decrease) through treasury share transactions, equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseThroughTreasuryShareTransactions" xlink:to="IncreaseDecreaseThroughTreasuryShareTransactions_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="InterestIncomeOnCashAndCashEquivalents" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InterestIncomeOnCashAndCashEquivalents" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="InterestIncomeOnCashAndCashEquivalents_verboseLabel_labelen" xml:lang="en">Income from cash and cash equivalents</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestIncomeOnCashAndCashEquivalents" xlink:to="InterestIncomeOnCashAndCashEquivalents_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="InvestmentAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="InvestmentAccountedForUsingEquityMethod_verboseLabel_labelen" xml:lang="en">Investments in associates</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InvestmentAccountedForUsingEquityMethod" xlink:to="InvestmentAccountedForUsingEquityMethod_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="InterestPaidClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_InterestPaidClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="InterestPaidClassifiedAsFinancingActivities_verboseLabel_labelen" xml:lang="en">Interest paid</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestPaidClassifiedAsFinancingActivities" xlink:to="InterestPaidClassifiedAsFinancingActivities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="LongtermBorrowings" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_LongtermBorrowings" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="LongtermBorrowings_verboseLabel_labelen" xml:lang="en">Non-current financial liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LongtermBorrowings" xlink:to="LongtermBorrowings_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="IssuedCapitalMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IssuedCapitalMember" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="IssuedCapitalMember_verboseLabel_labelen" xml:lang="en">Issued capital [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapitalMember" xlink:to="IssuedCapitalMember_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="IssuedCapital" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IssuedCapital" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="IssuedCapital_verboseLabel_labelen" xml:lang="en">Share capital</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssuedCapital" xlink:to="IssuedCapital_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="IssueOfEquity" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_IssueOfEquity" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="IssueOfEquity_verboseLabel_labelen" xml:lang="en">Issue of equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IssueOfEquity" xlink:to="IssueOfEquity_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="NoncontrollingInterests_verboseLabel_labelen" xml:lang="en">Non-controlling interests</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterests" xlink:to="NoncontrollingInterests_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NoncontrollingInterestsMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncontrollingInterestsMember" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="NoncontrollingInterestsMember_verboseLabel_labelen" xml:lang="en">Non-controlling interests [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncontrollingInterestsMember" xlink:to="NoncontrollingInterestsMember_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_verboseLabel_labelen" xml:lang="en">Interim dividend paid to shareholders of the parent company (current year)</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities" xlink:to="DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NoncurrentLeaseLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncurrentLeaseLiabilities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="NoncurrentLeaseLiabilities_verboseLabel_labelen" xml:lang="en">Non-current lease liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentLeaseLiabilities" xlink:to="NoncurrentLeaseLiabilities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NoncurrentProvisions" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncurrentProvisions" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="NoncurrentProvisions_verboseLabel_labelen" xml:lang="en">Non-current provisions</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentProvisions" xlink:to="NoncurrentProvisions_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NoncurrentDepositsFromCustomers" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_NoncurrentDepositsFromCustomers" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="NoncurrentDepositsFromCustomers_verboseLabel_labelen" xml:lang="en">Deposits and guarantees</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoncurrentDepositsFromCustomers" xlink:to="NoncurrentDepositsFromCustomers_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_verboseLabel_labelen" xml:lang="en">Items that may be recycled as income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:to="OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherCurrentLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherCurrentLiabilities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="OtherCurrentLiabilities_verboseLabel_labelen" xml:lang="en">Other current liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentLiabilities" xlink:to="OtherCurrentLiabilities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_verboseLabel_labelen" xml:lang="en">Payments of lease liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="OtherComprehensiveIncome_verboseLabel_labelen" xml:lang="en">Other comprehensive income for the period, net of tax</link:label>
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    <link:loc xlink:type="locator" xlink:label="OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxCashFlowHedges" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="OtherComprehensiveIncomeBeforeTaxCashFlowHedges_verboseLabel_labelen" xml:lang="en">Cash flow hedges</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeBeforeTaxCashFlowHedges" xlink:to="OtherComprehensiveIncomeBeforeTaxCashFlowHedges_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_verboseLabel_labelen" xml:lang="en">Change in fair value of financial assets measured at fair value through the other items of comprehensive income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:to="OtherComprehensiveIncomeBeforeTaxFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherNoncurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherNoncurrentAssets" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="OtherNoncurrentAssets_verboseLabel_labelen" xml:lang="en">Other non-current assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentAssets" xlink:to="OtherNoncurrentAssets_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherNoncurrentFinancialLiabilities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherNoncurrentFinancialLiabilities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="OtherNoncurrentFinancialLiabilities_verboseLabel_labelen" xml:lang="en">Other non-current liabilities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherNoncurrentFinancialLiabilities" xlink:to="OtherNoncurrentFinancialLiabilities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="PurchaseOfInterestsInAssociates" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PurchaseOfInterestsInAssociates" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PurchaseOfInterestsInAssociates_verboseLabel_labelen" xml:lang="en">Purchase of interests in associates</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfInterestsInAssociates" xlink:to="PurchaseOfInterestsInAssociates_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ProfitLossAttributableToOwnersOfParent" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLossAttributableToOwnersOfParent" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ProfitLossAttributableToOwnersOfParent_verboseLabel_labelen" xml:lang="en">attributable to owners of the parent</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToOwnersOfParent" xlink:to="ProfitLossAttributableToOwnersOfParent_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherCurrentAssets" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherCurrentAssets" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="OtherCurrentAssets_verboseLabel_labelen" xml:lang="en">Other current assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherCurrentAssets" xlink:to="OtherCurrentAssets_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="PropertyPlantAndEquipment" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PropertyPlantAndEquipment" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PropertyPlantAndEquipment_verboseLabel_labelen" xml:lang="en">Property, plant and equipment</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PropertyPlantAndEquipment" xlink:to="PropertyPlantAndEquipment_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities_verboseLabel_labelen" xml:lang="en">Purchase of financial instruments, classified as investing activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities" xlink:to="PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ReserveOfRemeasurementsOfDefinedBenefitPlansMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ReserveOfRemeasurementsOfDefinedBenefitPlansMember" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ReserveOfRemeasurementsOfDefinedBenefitPlansMember_verboseLabel_labelen" xml:lang="en">Reserve of remeasurements of defined benefit plans [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfRemeasurementsOfDefinedBenefitPlansMember" xlink:to="ReserveOfRemeasurementsOfDefinedBenefitPlansMember_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ProfitLossAttributableToNoncontrollingInterests" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLossAttributableToNoncontrollingInterests" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ProfitLossAttributableToNoncontrollingInterests_verboseLabel_labelen" xml:lang="en">attributable to non-controlling interests</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossAttributableToNoncontrollingInterests" xlink:to="ProfitLossAttributableToNoncontrollingInterests_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="RepaymentsOfBorrowingsClassifiedAsFinancingActivities_verboseLabel_labelen" xml:lang="en">Repayments of borrowings</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="RepaymentsOfBorrowingsClassifiedAsFinancingActivities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_verboseLabel_labelen" xml:lang="en">Items that may not be recycled as income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:to="OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherFinanceCost" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherFinanceCost" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="OtherFinanceCost_verboseLabel_labelen" xml:lang="en">Other financial expenses</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherFinanceCost" xlink:to="OtherFinanceCost_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="RightofuseAssetsThatDoNotMeetDefinitionOfInvestmentProperty" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RightofuseAssetsThatDoNotMeetDefinitionOfInvestmentProperty" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="RightofuseAssetsThatDoNotMeetDefinitionOfInvestmentProperty_verboseLabel_labelen" xml:lang="en">Right-of-use assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RightofuseAssetsThatDoNotMeetDefinitionOfInvestmentProperty" xlink:to="RightofuseAssetsThatDoNotMeetDefinitionOfInvestmentProperty_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherAdjustmentsForNoncashItems" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OtherAdjustmentsForNoncashItems" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="OtherAdjustmentsForNoncashItems_verboseLabel_labelen" xml:lang="en">Other adjustments for non-cash items</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherAdjustmentsForNoncashItems" xlink:to="OtherAdjustmentsForNoncashItems_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_verboseLabel_labelen" xml:lang="en">Proceeds from sales of investments other than investments accounted for using equity method</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="ProceedsFromSalesOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ProfitLossFromOperatingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLossFromOperatingActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ProfitLossFromOperatingActivities_verboseLabel_labelen" xml:lang="en">Operating income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLossFromOperatingActivities" xlink:to="ProfitLossFromOperatingActivities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ProceedsFromBorrowingsClassifiedAsFinancingActivities_verboseLabel_labelen" xml:lang="en">Proceeds from borrowings</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="ProceedsFromBorrowingsClassifiedAsFinancingActivities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ProfitLoss" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ProfitLoss" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ProfitLoss_verboseLabel_labelen" xml:lang="en">CONSOLIDATED NET INCOME</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ProfitLoss" xlink:to="ProfitLoss_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="RentalIncomeFromInvestmentProperty" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RentalIncomeFromInvestmentProperty" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="RentalIncomeFromInvestmentProperty_verboseLabel_labelen" xml:lang="en">Rental revenues</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="RentalIncomeFromInvestmentProperty" xlink:to="RentalIncomeFromInvestmentProperty_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember" />
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember" xlink:to="ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeMember_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="TradeAndOtherCurrentPayablesToTradeSuppliers_verboseLabel_labelen" xml:lang="en">Trade payables</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:to="TradeAndOtherCurrentPayablesToTradeSuppliers_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ConsolidatedReservesAndRetainedEarningsMember" xlink:href="mercialys-2021-12-31.xsd#mercialys_ConsolidatedReservesAndRetainedEarningsMember" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ConsolidatedReservesAndRetainedEarningsMember_verboseLabel_labelen" xml:lang="en">Consolidated reserves and retained earnings</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedReservesAndRetainedEarningsMember" xlink:to="ConsolidatedReservesAndRetainedEarningsMember_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdditionnalPaidinCapitalTreasurySharesAndOtherReserves" xlink:href="mercialys-2021-12-31.xsd#mercialys_AdditionnalPaidinCapitalTreasurySharesAndOtherReserves" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="AdditionnalPaidinCapitalTreasurySharesAndOtherReserves_verboseLabel_labelen" xml:lang="en">Additional paid-in capital, treasury shares and other reserves</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionnalPaidinCapitalTreasurySharesAndOtherReserves" xlink:to="AdditionnalPaidinCapitalTreasurySharesAndOtherReserves_verboseLabel_labelen" xlink:type="arc" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdditionnalPaidinCapitalTreasurySharesAndOtherReserves_label_labelen" xml:lang="en">Additionnal Paidin Capital Treasury Shares And Other Reserves</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdditionnalPaidinCapitalTreasurySharesAndOtherReserves" xlink:to="AdditionnalPaidinCapitalTreasurySharesAndOtherReserves_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChangeInWorkingCapitalRequirementRelatingToOperationsExcludingDepositsAndGuarantees" xlink:href="mercialys-2021-12-31.xsd#mercialys_ChangeInWorkingCapitalRequirementRelatingToOperationsExcludingDepositsAndGuarantees" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChangeInWorkingCapitalRequirementRelatingToOperationsExcludingDepositsAndGuarantees_label_labelen" xml:lang="en">Change In Working Capital Requirement Relating To Operations Excluding Deposits And Guarantees</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangeInWorkingCapitalRequirementRelatingToOperationsExcludingDepositsAndGuarantees" xlink:to="ChangeInWorkingCapitalRequirementRelatingToOperationsExcludingDepositsAndGuarantees_label_labelen" xlink:type="arc" />
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="AdjustmentsForInterestOnNoncashLoans_verboseLabel_labelen" xml:lang="en">Adjustments for interest on non-cash loans</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForInterestOnNoncashLoans" xlink:to="AdjustmentsForInterestOnNoncashLoans_verboseLabel_labelen" xlink:type="arc" />
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForInterestOnNoncashLoans" xlink:to="AdjustmentsForInterestOnNoncashLoans_label_labelen" xlink:type="arc" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ConsolidatedReservesAndRetainedEarningsMember_label_labelen" xml:lang="en">Consolidated Reserves And Retained Earnings Member</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ConsolidatedReservesAndRetainedEarningsMember" xlink:to="ConsolidatedReservesAndRetainedEarningsMember_label_labelen" xlink:type="arc" />
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="FinalDividendsPaidForPreviousYear_label_labelen" xml:lang="en">Final Dividends Paid For Previous Year</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="FinalDividendsPaidForPreviousYear" xlink:to="FinalDividendsPaidForPreviousYear_verboseLabel_labelen" xlink:type="arc" />
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="InterestReceived_label_labelen" xml:lang="en">Interest Received</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestReceived" xlink:to="InterestReceived_label_labelen" xlink:type="arc" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="InterestReceived_verboseLabel_labelen" xml:lang="en">Net interest received</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="InterestReceived" xlink:to="InterestReceived_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="NetRentalIncome" xlink:href="mercialys-2021-12-31.xsd#mercialys_NetRentalIncome" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="NetRentalIncome_verboseLabel_labelen" xml:lang="en">Net rental income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetRentalIncome" xlink:to="NetRentalIncome_verboseLabel_labelen" xlink:type="arc" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="NetRentalIncome_label_labelen" xml:lang="en">Net Rental Income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NetRentalIncome" xlink:to="NetRentalIncome_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForDepreciationAmortisationAndProvisionsNetOfReversals" xlink:href="mercialys-2021-12-31.xsd#mercialys_AdjustmentsForDepreciationAmortisationAndProvisionsNetOfReversals" />
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="AdjustmentsForDepreciationAmortisationAndProvisionsNetOfReversals_verboseLabel_labelen" xml:lang="en">Adjustment for depreciation and amortization and provisions, net of reversals</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForDepreciationAmortisationAndProvisionsNetOfReversals" xlink:to="AdjustmentsForDepreciationAmortisationAndProvisionsNetOfReversals_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherTransactionsWithShareholders" xlink:href="mercialys-2021-12-31.xsd#mercialys_OtherTransactionsWithShareholders" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OtherTransactionsWithShareholders_label_labelen" xml:lang="en">Other Transactions With Shareholders</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherTransactionsWithShareholders" xlink:to="OtherTransactionsWithShareholders_label_labelen" xlink:type="arc" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="OtherTransactionsWithShareholders_verboseLabel_labelen" xml:lang="en">Other transactions with shareholders</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherTransactionsWithShareholders" xlink:to="OtherTransactionsWithShareholders_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="TreasurySharesMember" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_TreasurySharesMember" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="TreasurySharesMember_verboseLabel_labelen" xml:lang="en">Treasury shares [member]</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TreasurySharesMember" xlink:to="TreasurySharesMember_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="CashPaymentsOnAcquisitionsOfInvestmentPropertiesAndOtherFixedAssets" xlink:href="mercialys-2021-12-31.xsd#mercialys_CashPaymentsOnAcquisitionsOfInvestmentPropertiesAndOtherFixedAssets" />
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="CashPaymentsOnAcquisitionsOfInvestmentPropertiesAndOtherFixedAssets_verboseLabel_labelen" xml:lang="en">Cash payments on acquisitions of investment properties and other fixed assets</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CashPaymentsOnAcquisitionsOfInvestmentPropertiesAndOtherFixedAssets" xlink:to="CashPaymentsOnAcquisitionsOfInvestmentPropertiesAndOtherFixedAssets_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherOperatingIncomeFromNonOrdinaryActivities" xlink:href="mercialys-2021-12-31.xsd#mercialys_OtherOperatingIncomeFromNonOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OtherOperatingIncomeFromNonOrdinaryActivities_label_labelen" xml:lang="en">Other Operating Income From Non Ordinary Activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeFromNonOrdinaryActivities" xlink:to="OtherOperatingIncomeFromNonOrdinaryActivities_label_labelen" xlink:type="arc" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="OtherOperatingIncomeFromNonOrdinaryActivities_verboseLabel_labelen" xml:lang="en">Other operating income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherOperatingIncomeFromNonOrdinaryActivities" xlink:to="OtherOperatingIncomeFromNonOrdinaryActivities_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="ChangesInTreasuryShares" xlink:href="mercialys-2021-12-31.xsd#mercialys_ChangesInTreasuryShares" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ChangesInTreasuryShares_verboseLabel_labelen" xml:lang="en">Changes in treasury shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInTreasuryShares" xlink:to="ChangesInTreasuryShares_verboseLabel_labelen" xlink:type="arc" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ChangesInTreasuryShares_label_labelen" xml:lang="en">Changes In Treasury Shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChangesInTreasuryShares" xlink:to="ChangesInTreasuryShares_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="OtherIncomeFromOrdinaryActivities" xlink:href="mercialys-2021-12-31.xsd#mercialys_OtherIncomeFromOrdinaryActivities" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="OtherIncomeFromOrdinaryActivities_verboseLabel_labelen" xml:lang="en">Other income</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncomeFromOrdinaryActivities" xlink:to="OtherIncomeFromOrdinaryActivities_verboseLabel_labelen" xlink:type="arc" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="OtherIncomeFromOrdinaryActivities_label_labelen" xml:lang="en">Other Income From Ordinary Activities</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="OtherIncomeFromOrdinaryActivities" xlink:to="OtherIncomeFromOrdinaryActivities_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="WeightedAverageShares" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_WeightedAverageShares" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="WeightedAverageShares_verboseLabel_labelen" xml:lang="en">Undiluted weighted average number of shares</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WeightedAverageShares" xlink:to="WeightedAverageShares_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements" xlink:href="mercialys-2021-12-31.xsd#mercialys_AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements_verboseLabel_labelen" xml:lang="en">Adjustments for net financial interest in respect of lease agreements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements" xlink:to="AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements_verboseLabel_labelen" xlink:type="arc" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements_label_labelen" xml:lang="en">Adjustments For Net Financial Interest In Respect Of Lease Agreements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements" xlink:to="AdjustmentsForNetFinancialInterestInRespectOfLeaseAgreements_label_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AfterIas19AdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:href="mercialys-2021-12-31.xsd#mercialys_AfterIas19AdjustmentCumulativeEffectAtDateOfInitialApplicationMember" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="AfterIas19AdjustmentCumulativeEffectAtDateOfInitialApplicationMember_verboseLabel_labelen" xml:lang="en">Adjusted equity</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AfterIas19AdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:to="AfterIas19AdjustmentCumulativeEffectAtDateOfInitialApplicationMember_verboseLabel_labelen" xlink:type="arc" />
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AfterIas19AdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:to="AfterIas19AdjustmentCumulativeEffectAtDateOfInitialApplicationMember_label_labelen" xlink:type="arc" />
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="GrossFinanceCosts_label_labelen" xml:lang="en">Gross Finance Costs</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossFinanceCosts" xlink:to="GrossFinanceCosts_label_labelen" xlink:type="arc" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="GrossFinanceCosts_verboseLabel_labelen" xml:lang="en">Gross finance costs</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="GrossFinanceCosts" xlink:to="GrossFinanceCosts_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="AdjustmentsForLeaseRightsReceivedFromTenantsAndSpreadOutOverTheTermOfTheLease" xlink:href="mercialys-2021-12-31.xsd#mercialys_AdjustmentsForLeaseRightsReceivedFromTenantsAndSpreadOutOverTheTermOfTheLease" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="AdjustmentsForLeaseRightsReceivedFromTenantsAndSpreadOutOverTheTermOfTheLease_label_labelen" xml:lang="en">Adjustments For Lease Rights Received From Tenants And Spread Out Over The Term Of The Lease</link:label>
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="AdjustmentsForLeaseRightsReceivedFromTenantsAndSpreadOutOverTheTermOfTheLease_verboseLabel_labelen" xml:lang="en">Adjustments for lease rights received from tenants and spread out over the term of the lease</link:label>
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    <link:loc xlink:type="locator" xlink:label="ImpactOfChangesInScopeWithChangeOfControl" xlink:href="mercialys-2021-12-31.xsd#mercialys_ImpactOfChangesInScopeWithChangeOfControl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ImpactOfChangesInScopeWithChangeOfControl_verboseLabel_labelen" xml:lang="en">Impact of changes in the scope of consolidation with change of ownership</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpactOfChangesInScopeWithChangeOfControl" xlink:to="ImpactOfChangesInScopeWithChangeOfControl_verboseLabel_labelen" xlink:type="arc" />
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ImpactOfChangesInScopeWithChangeOfControl" xlink:to="ImpactOfChangesInScopeWithChangeOfControl_label_labelen" xlink:type="arc" />
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember_verboseLabel_labelen" xml:lang="en">IFRS restatements</link:label>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember" xlink:to="IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember_verboseLabel_labelen" xlink:type="arc" />
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChargesAndTaxBilledToTenant" xlink:to="ChargesAndTaxBilledToTenant_label_labelen" xlink:type="arc" />
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ChargesAndTaxBilledToTenant" xlink:to="ChargesAndTaxBilledToTenant_verboseLabel_labelen" xlink:type="arc" />
    <link:loc xlink:type="locator" xlink:label="IncreaseDecreaseShareCapital" xlink:href="mercialys-2021-12-31.xsd#mercialys_IncreaseDecreaseShareCapital" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="IncreaseDecreaseShareCapital_verboseLabel_labelen" xml:lang="en">Dividends paid to non-controlling interests, classified as financing activities</link:label>
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="IncreaseDecreaseShareCapital_label_labelen" xml:lang="en">Increase Decrease Share Capital</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ServiceChargesAndPropertyTax" xlink:to="ServiceChargesAndPropertyTax_label_labelen" xlink:type="arc" />
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ServiceChargesAndPropertyTax" xlink:to="ServiceChargesAndPropertyTax_verboseLabel_labelen" xlink:type="arc" />
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForFinancialExpensesSpreadOut" xlink:to="AdjustmentsForFinancialExpensesSpreadOut_verboseLabel_labelen" xlink:type="arc" />
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AdjustmentsForFinancialExpensesSpreadOut" xlink:to="AdjustmentsForFinancialExpensesSpreadOut_label_labelen" xlink:type="arc" />
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