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Dear Shareholders, In a challenging environment shaken by the Covid-19 pandemic, Vetropack Group achieved an EBIT margin of 11.5% (2019: 12.5%). Consolidated net sales stood at CHF 662.6 million (2019: 714.9 million). At the end of the year, the Group acquired a glass works in Moldova in a takeover which was financed by the Group s own funds. Vetropack Group consistently drove forward its successful expansion strategy and acquired the Moldovan Glass Container Company S.A. glass works on 10 December 2020. With this acquisi tion, the Group is growing in a region where it has been successfully manufacturing and selling glass packaging for almost three decades. The new subsidiary fits seamlessly into Vetropack s markets in Central and Eastern Europe. ....