The year 2020 was marked by the Covid-19 pandemic, which had a significant impact on the Group’s activity. Despite the unprecedented crisis, BALFIN Group made important progress on its investments, accelerated digital transformation, and established e-commerce in the retail industry. To alleviate the effects of the pandemic, BALFIN Group Management assessed its impact on Group operations and implemented quick measures to preserve cash flows and maintain sufficient liquidity to continue to meet its financial obligations. As social and business restrictions were eased, the recovery was faster than expected and the Group returned to good financial standing already in the second quarter. Besides the challenges faced, our Group took a step forward to its organic growth by exceeding expectations. BALFIN Group has once again proven that it is able to adjust flexibly to changing circumstances, and that will continue to push ahead with important projects, even in the time of crisis.