Letter of the CEO

At December 31, 2019 IGLI (“IGLI” or the “Parent Company”), fully owned by the Poeti-Marentini family, held equity investments in the following areas: direct investments (subsidiaries, seeds) and private equity.

Starting in January 2020, the domestic and international scenario was harshly impacted by the spread of Covid19 and the resulting restrictive measures implemented by the public authorities in the countries concerned. These measures had a harsh impact on all sectors in which the IGLI operates, starting with the dramatic drops in motorway and airport traffic, to end with the restrictive measures for food and beverage and retail sales, which eliminated the revenues in those sectors for several months.

In this context, the primary objective and duty was to ensure the safety of all of our employees, users and consumers, and take action to support emergency management measures and the hospitals on the front lines in fighting the pandemic. In this regard, we would like to heartily thank all healthcare and humanitarian workers, along with the over 14,000 employees of the Group who, throughout the world, demonstrated their professionalism and sense of duty, continuing to work hard even in environmental and health conditions of great difficulty, guaranteeing essential public services for the community and enabling the IGLI Group to carry out its necessary operations.

We are counting on them to overcome this period of global crisis, for which it is objectively difficult to forecast duration or impact.

With specific reference to the business segments IGLI operates in, we must be prepared for a long period of difficulty, with a return to normal which will be gradual and not lacking in risks of potential relapses.

We are aware that 2020 will be a challenging year, marked by harshly negative economic performance and sharply increasing financial indebtedness. However, we are all working with determination, a sense of responsibility and confidence in the Group’s future.