According to Michel Giannuzzi, Chairman and CEO of Verallia, the group has shown significant resilience to the ongoing Covid-19 pandemic, showing a slight decrease in revenue of ‐1.9%, growth in adjusted EBITDA to €626 million (+1.7%) and in the adjusted EBITDA margin to 24.7% (+88 bps).

"Verallia has demonstrated a remarkable resilience to this unprecedented global crisis” Mr Giannuzzi explained. “Our priority has been to protect the health and safety of our teams, who have shown exceptional commitment. The group's agility has enabled it to report positive organic growth this year, by quickly adapting to the ever‐changing demands of its customers, who play an essential role throughout the food industry supply chain. Adjusted EBITDA increased both in value and percentage, thanks to a high discipline in managing costs, industrial efficiency and a positive inflation spread. In a context that remains uncertain, Verallia is in an excellent position to implement its ESG strategy and meet as of 2021 its mid-term objectives, as confirmed in July 2020.”

Southern and western Europe (comprising France, Spain, Portugal and Italy) posted an almost stable revenue (‐0.5%) on both a reported basis and at constant exchange rates and scope.

While the first half of the year was affected by lockdowns and the closure of hotels, restaurants and cafes, the second half of the year showed signs of growth, thanks to a very strong recovery in the third quarter and resilience in Italy.

The sparkling wine and spirits categories suffered the most, while food jars experienced strong growth throughout the region. Still wine volumes recovered mainly in Italy and in Iberia.

After a stable first half of the year, the beer category showed strong performance in the second half. France was the country that was the most affected, with a downturn in the Champagne, spirits and still wine markets.

Northern and eastern Europe (comprising Germany, Russia, Ukraine and Poland), reported

revenue fell by ‐2.3%,but increased by +0.4% at constant exchange rates and scope. Changes in exchange rates had a negative impact of ‐2.7%, due to the depreciation of the Ukrainian

hryvnia and the Russian rouble. Volumes were down in all countries but were offset by selling price increases (mainly Eastern Europe). The good performance of food jars was not enough to compensate for the reduced sales volumes in other categories.

Latin America (comprising Brazil, Argentina and Chile), reported revenue

decreased by 10.4% as a result of local currency depreciation. Excluding the effects of exchange rates, revenue did significantly increase (+23.4% and +14.7% excluding Argentina).

Volumes have been growing in all countries in a dynamic market.

Over the year, sales volumes of still wine and spirits made good progress in the region. In addition, increases in selling prices continued throughout the year, particularly in Argentina, where the highly dynamic selling price policy was able to cover local hyperinflation.

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