Global Cosmed generated a net profit of PLN 28.6 million throughout 2020, which is an improvement of PLN 25.3 million compared to the previous year. These results reflect the growth in the scale of operations, particularly the development of strategic private labels. The generated solid financial result and a marked decrease in debt ratios allow for a further increase in expenditure on brands, dividend payment and investments in innovative production assets in 2021. Global Cosmed is based on three strong pillars which the company’s value rests on: strategy, staff and care for the environment. On the other hand, the current year presents us with new requirements due to the increasingly difficult epidemic situation, and thus limitations in the development of sales, especially on export markets, as well as: wide imbalance in the market of raw materials and packaging, volatility of exchange rates. Financial results achieved in 2020 were solid and confirm the positive effects of restructuring and the effectiveness of the implementation of the own brand development strategy. Consolidated EBITDA was PLN 42.9 million in 2020, which is more than double compared to the previous year. Improving the results in 2020 took place in all companies across the Capital Group, and we are particularly pleased with the profitability of German companies. Many years of hard work have brought the assumed good results. We can also boast of obtaining new listings for the Bobini brand in German Rossmann and for the Apart brand in REWE, Kaufland as well as Aldi Süd and Hofer. We also have ambitious plans for this year; we plan to expand the distribution and introduce new products, including completely new, prospective product categories. We will inform you about the details soon. We also expect further release of cost synergies in the manufacture, logistics and financial areas. The major part of the restructuring has been completed, but we still have many areas identified for efficiency improvement. We are an increasingly larger organization and we use the economies of scale. The current difficult epidemic situation, which affects Global Cosmed in a broad way, undoubtedly deserves special attention. There are also no clear signs of improvement in the current state of affairs, which means that the unpredictability and volatility of the micro- and macroeconomic environment are permanently inscribed in the conducted core business. This year, we observe a significant disturbance in the raw materials and packaging market, on a much larger scale than in 2020. An additional challenge is the volatility of currency markets, which hinders functioning. The Global Cosmed Capital Group is based on strong pillars. We can see that the strategy chosen before the restructuring works. We have a strong and committed staff of over 600 people, thanks to which we can operate effectively and adapt to market realities quickly. We will continue to consistently build values important for Shareholders and we see high growth potential in the coming years. One its crucial direction is sustainable development and reduction of environmental impact, which we care about from developing product formulas, through the selection of packaging, to the organization of production and logistics, said Magdalena Mielimonka, Vice President of the Management Board of Global Cosmed S.A.