Zignago Vetro — Earnings Release 2021

Jul 29, 2021

PRESS RELEASE In accordance with Consob Resolution 11971/99 and subsequent amendments and supplements

ZIGNAGO VETRO S.P.A.

Board of Directors of Zignago Vetro S.p.A. approves 2021 Half-Year Report

Revenues and results significantly up in H1 2021 - outperforming H1 2019 (pre-COVID-19).

• Revenues of Euro 233.0 million (+18.6% on Euro 196.4 million in 2020), of which exports account for 30.4%;
• EBITDA of Euro 61.9 million, 26.6% margin (+26.7% on Euro 48.9 million, 24.9% margin in H1 2020);
• EBIT of Euro 34.9 million, 15.0% margin (+59.4% on Euro 21.9 million, 11.2% margin in H1 2020);
• Group Profit of Euro 28.7 million, 12.3% margin (+105.5% on Euro 14 million, 7.1% margin in H1 2020).

Cash generation, before investments, of Euro 48.6 million (Euro 43.4 million in H1 2020).

Net financial debt of Euro 274.0 million (Euro 266.8 million at 30 June 2020).

General improvement of sustainability indicators (ESG).

Zignago Vetro Group Key Financial Highlights (*)

	H1	H1	Cge.%	H1
	2021	2020		2019
	(in Euro millions)	(in Euro millions)		(in Euro millions)
Revenues	233.0	196.4	+ 18.6%	209.7
EBITDA	61.9	48.9	+ 26.7%	56.3
EBIT	34.9	21.9	+ 59.4%	30.7
Operating Profit	35.4	22.1	+ 60.1%	30.9
Profit before taxes	35.5	18.8	+ 89.2%	29.7
Group Profit	28.7	14.0	+ 105.5%	22.4

	30.06.2021 (in Euro millions)	30.06.2020 (in Euro millions)	31.12.2020 (in Euro millions)
Capital expenditure	33.8	15.0	42.7
Free cash flow
 after investments	13.8	22.3	49.8
 before investments	48.6	43.4	93.2
(further details on page 3)
Financial debt	(342.5)	(321.2)	(308.7)
Liquidity	68.5	54.4	51.5
Net financial debt	(274.0)	(266.8)	(257.2)

(*)

The figures (and the subsequent comments concerning the consolidated figures) were based on the management view of the Group business, which provides for the proportional consolidation of the joint venture, in continuity with the accounting policies adopted until 31 December 2013. Following the entry into force of the new "IFRS 11 – Joint Arrangements" and "IAS 28 – Interests in associates and joint ventures" the accounting policies changed for the consolidation of the joint ventures of the Zignago Vetro Group. In particular, from 1 January 2014 the joint ventures in Vetri Speciali SpA and Vetreco Srl are not consolidated under the proportional method, but rather are recognised in the consolidated financial statements at equity.

The income statement, the statement of comprehensive income, the statement of financial position and the statement of cash flows of the Zignago Vetro Group at 30 June 2021 and 2020 and at 31 December 2020, prepared according to international accounting standards in force from 1 January 2014, are reported respectively at attachments 3, 4, 5, 6 and 7 of this press release.

Fossalta di Portogruaro, 29 July 2021 – The Board of Directors of Zignago Vetro S.p.A – a company listed on the STAR segment of the Italian Stock Exchange - in a meeting held today chaired by Paolo Giacobbo, approved the Group 2021 Half-Year Report.

Company profile

The Zignago Vetro Group companies produce high quality glass containers for the Food and Beverage, Cosmetics and Perfumery industries and Speciality Glass bottles for wines and spirits, for the domestic and international markets.

Zignago Vetro Group operating performance

The first half of the year saw a modest market recovery, which had emerged in the second half of 2020 and strengthened in Q2 2021.

Although differing among the various market segments and partly impacted by fears of an incomplete resolution of the pandemic, the recovery appeared however to encompass a broad range of product categories - from those mostly carried by the major retail chains - already seeing a recovery in H2 2020 - to Perfumery, the hardest hit segment which now appears to be on the path to recovery.

Against this backdrop, the Group - thanks to the flexibility and commitment of its workers, both individually and collectively and at all levels - has been able to significantly boost business volumes, not only against Q2 2020 (+40.8%), but also Q1 2021 (+11.8%), returning record quarterly and half-year results not only in terms of sales volumes, but also earnings. This development was reported by all business units.

Although against the current economic climate, glass continues to prove to be an ever-more appreciated material among users and consumers for its features of healthiness, sturdiness, conservability and recyclability.

Again in Q2 2021, all Group companies continued to operate as normal, with results improving. All appropriate prevention and protection measures against the ongoing emergency remain in place. Again in the second quarter, there were no significant impacts from the COVID-19 outbreak.

Consolidated revenues in the first half of 2021 totalled Euro 233.0 million compared to Euro 196.4 million in the same period of the previous year (+18.6%). Export revenues totalled Euro 70.7 million, comprising 30.4% of revenues (Euro 62.3 million and 31.7% in H1 2020).

Consolidated EBITDA in the first half of 2021 amounted to Euro 61.9 million, +26.7% on H1 2020 (Euro 48.9 million), with a 26.6% margin (24.9% in H1 2020).

Consolidated EBIT was Euro 34.9 million (compared to Euro 21.9 million in the first half of 2020, +59.4%), with a margin of 15.0% (11.2% in the first half of 2020).

The consolidated Operating profit was Euro 35.4 million in H1 2021, compared to Euro 22.1 million in H1 2020 (+60.1%), with a 15.2% revenue margin (compared to 11.3%).

Consolidated Profit before taxes was Euro 35.5 million in H1 2021 (Euro 18.8 million in H1 2020, +89.2%), with a margin of 15.2% (9.6%).

Consolidated Profit in the first half of 2021 amounted to Euro 28.7 million, compared to Euro 14.0 million in H1 2020 (+105.5%) – a margin of 12.3% (7.1% in H1 2020).

Group balance sheet and financial position

Group capital expenditure in the first half of 2021 amounted to Euro 33.8 million (Euro 15.0 million in H1 2020). Payments on fixed assets amounted to Euro 35.1 million in H1 2021 (Euro 21.0 million in H1 2020).

The Group generated Free cash flow in H1 2021, before payments on fixed assets, of Euro 48.6 million (Euro 43.4 million in the first half of 2020). Free cash flow, after payments on fixed assets and dividends of Euro 31.6 million, of Euro 13.8 million was generated, compared to Euro 22.3 million in H1 2020.

The Group net financial debt at 30 June 2021 was Euro 274.0 million, compared to Euro 257.2 million at 31 December 2020 (Euro 266.8 million at 30 June 2020). Group liquidity totalled Euro 68.5 million at 30 June 2021, compared to Euro 51.5 million at the

end of 2020 and Euro 54.4 million at 30 June 2020.

Outlook and subsequent events.

On the basis of market indications emerging over recent months and the backlogs of the various Group companies, the strong performance reported in the first half of the year is expected to continue over the coming quarters.

The Group also, as already demonstrated, expects that it can handle the effects of any new restrictions related to the still ongoing COVID-19 pandemic.

There were no significant events after 30 June 2021.

***********************

Approval of the new Engagement Policy Regulation.

The Board of Directors approved the Engagement Policy Regulation which will enter into force on September 1, 2021.

***********************

Declaration

The Executive Responsible for Financial Reporting, Mr. Roberto Celot, declares in accordance with Article 154 bis, paragraph 2, of the Consolidated Finance Act, that the accounting information contained in this press release corresponds to the underlying accounting documents, records and accounting entries.

***********************

2021 Half-Year Report

The 2021 Half-Year Report will be made available to the public as soon as available and in accordance with law at the registered office of the company and on the company website www.zignagovetro.com

***********************

This press release is available on the website: www. zignagovetro.com

For further information: Roberto Celot Chief Financial Officer & Investor relations manager Zignago Vetro S.p.A. 0421-246111 r.celot@zignagovetro.com

All the figures in the Consolidated Reclassified Income Statement and Statement of Financial Position (attachments 1 and 2) reported below were prepared on the basis of management's view which considers the proportional consolidation of joint ventures appropriate, in line with the approach taken until 31 December 2013. Following the entry into force of the new "IFRS 11 – Joint Arrangements" and "IAS 28 – Interests in associates and joint ventures" the accounting policies changed for the consolidation of the joint ventures of the Zignago Vetro Group. In particular, from 1 January 2014 the joint ventures in Vetri Speciali SpA and Vetreco Srl are not consolidated under the proportional method, but rather are recognised in the consolidated financial statements at equity.

The statement of financial position, the income statement, the statement of comprehensive income and the statement of cash flows of the Zignago Vetro Group at 30 June 2021 and 31 December and 30 June 2020 and the statement of changes in Equity, prepared in accordance with the accounting standards in force from 1 January 2014, are reported respectively in the subsequent attachments 3, 4, 5, 6 and 7.

ATTACHMENT 1

Zignago Vetro Group

Reclassified Consolidated Income Statement (unaudited)

(management point of view, based on accounting standards in force at 31 December 2013)

		H1 2021		H1 2020	Changes
	Euro thou.	%	Euro thou.	%	%
Revenues	233,010	100.0%	196,427	100.0%	18.6%
Changes in finished and semi-finished products and work in progress Internal production of fixed assets and	(2,785)	(1.2%)	9,396	4.8%	n.a.
contributions on investments	506	0.2%	828	0.4%	(38.9%)
Value of production	230,731	99.0%	206,651	105.2%	11.7%
Cost of goods and services	(121,200)	(52.0%)	(112,110)	(57.1%)	8.1%
Value added	109,531	47.0%	94,541	48.1%	15.9%
Personnel expense	(47,587)	(20.4%)	(45,641)	(23.2%)	4.3%
EBITDA	61,944	26.6%	48,900	24.9%	26.7%
Amortisation & depreciation	(26,522)	(11.4%)	(26,361)	(13.4%)	0.6%
Accruals to provisions	(488)	(0.2%)	(627)	(0.3%)	(22.2%)
EBIT	34,934	15.0%	21,912	11.2%	59.4%
Net recurring non-operating income	468	0.2%	197	0.1%	137.6%
Operating Profit	35,402	15.2%	22,109	11.3%	60.1%
Net financial expense	(658)	(0.3%)	(1,476)	(0.8%)	(55.4%)
Net exchange rate gains/(losses)	762	0.3%	(1,868)	(1.0%)	n.a.
Profit before taxes	35,506	15.2%	18,765	9.6%	89.2%
Income taxes	(6,753)	(2.9%)	(4,831)	(2.5%)	39.8%
(Tax-rate H1 2021: 19%) (Tax-rate H1 2020: 25.7%)
(Profit) Loss non-con. int.	(12)	---	52	---	n.a.
Profit for the period	28,741	12.3%	13,986	7.1%	105.5%

Zignago Vetro Group

Reclassified Consolidated Statement of Financial Position (unaudited)

(management point of view, based on accounting standards in force at 31 December 2013)

	30.06.2021			31.12.2020	30.06.2020
	Euro thou.	%	Euro thou.	%	Euro thou.	%
Trade receivables	119,876		97,966		88,987
Other receivables	12,293		19,038		15,953
Inventories	117,513		119,063		120,935
Current non-financial payables	(109,050)		(97,911)		(96,054)
Payables on fixed assets	(9,915)		(10,874)		(5,459)
A) Working capital	130,717	26.0%	127,282	26.1%	124,362	26.7%
Net tangible and intangible assets	326,340		319,029		306,441
Goodwill	52,315		52,280		43,197
Other equity investments and non current assets Non-current provisions and non	12,713		9,014		6,216
financial payables	(19,974)		(20,392)		(15,241)
B) Net fixed capital	371,394	74.0%	359,931	73.9%	340,613	73.3%
A+B= Net capital employed	502,111	100.0%	487,213	100.0%	464,975	100.0%
Financed by:
Current loans and borrowings	135,624		129,738		144,509
Cash and cash equivalents	(68,496)		(51,459)		(54,425)
Current net debt	67,128	13.4%	78,279	16.1%	90,084	19.4%
Non-current loans and borrowings	206,902	41.2%	178,914	36.7%	176,741	38.0%
C) Net financial debt	274,030	54.6%	257,193	52.8%	266,825	57.4%
Opening equity	229,976		221,946		221,946
Dividends paid in the period	(31,569)		(37,005)		(37,005)
Change in translation reserve & other share. eq. changes	877		(592)		(661)
Profit for the period	28,741		45,627		13,986
D) Group equity	228,025	45.4%	229,976	47.2%	198,266	42.6%
E) Non-controlling interest equity	56		44		(116)
D+E) Total Consolidated Equity	228,081	45.4%	230,020	47.2%	198,150	42.6%
C+D+E = Total financial debt and equity	502,111	100.0%	487,213	100.0%	464,975	100.0%

Zignago Vetro Group

.

Consolidated Statement of Financial Position (unaudited)

(Euro thousands)	30.06.2021	31.12.2020	30.06.2020	Notes
ASSETS
Non-current assets
Property, plant and equipment	234,263	232,262	229,069	(1)
Goodwill	2,697	2,691	2,707	(2)
Intangible assets	2,156	2,533	2,092
Equity-accounted Joint Ventures	85,835	89,763	79,469	(3)
Investments	389	389	389
Other non-current assets	5,447	1,951	747	(4)
Deferred tax assets	4,671	5,828	4,325
Total non-current assets	335,458	335,417	318,798
Current assets
Inventories	97,194	95,777	99,421	(5)
Trade receivables	92,278	75,695	68,605	(6)
Other current assets	5,177	8,903	12,408	(7)
Tax Assets	3,625	6,199	3,912
Cash and cash equivalents	54,930	50,154	47,585	(8)
Total current assets	253,204	236,728	231,931
TOTAL ASSETS	588,662	572,145	550,729
EQUITY & LIABILITIES EQUITY
Share capital	8,800	8,800	8,800
Reserves and other equity items	41,302	40,742	39,733
Acquisition of treasury shares	(1,093)	(1,093)	(1,093)
Retained earnings	150,275	135,900	136,840
Profit for the period	28,741	45,627	13,986
TOTAL EQUITY OWNERS OF THE PARENT	228,025	229,976	198,266	(9)
NON-CONTROLLING INT. EQUITY	56	44	(116)
TOTAL EQUITY	228,081	230,020	198,150
LIABILITIES
Non-current liabilities
Provisions for risks and charges	3,616	3,468	3,967	(10)
Post-employment benefit provision	4,113	4,127	4,414	(11)
Non-current loans and borrowings	162,475	146,049	137,214	(12)
Other non-current liabilities	1,445	1,624	1,876	(13)
Deferred tax liabilities	2,059	2,061	2,212
Total non-current liabilities	173,708	157,329	149,683
Current liabilities Bank loans and borrowings
non-current portion	100,630	104,015	120,123	(14)
Trade and other payables	63,459	60,292	59,938	(15)
Other current liabilities	22,368	20,016	20,439	(16)
Current tax payables	416	473	2,396	(17)
Total current liabilities	186,873	184,796	202,896
TOTAL LIABILITIES	360,581	342,125	352,579
TOTAL EQUITY AND LIABILITIES	588,662	572,145	550,729

ATTACHMENT 4

Zignago Vetro Group

Consolidated Income Statement (unaudited)

(Euro thousands)	H1 2021	H1 2020	Notes
Revenues	169,235	148,518	(18)
Raw material, ancillary,
consumables and goods	(32,306)	(23,723)	(19)
Service costs	(56,260)	(55,690)	(20)
Personnel expense	(36,084)	(35,278)	(21)
Amortisation & Depreciation	(21,713)	(21,752)	(22)
Other operating costs	(2,293)	(2,129)
Other operating income	980	722
Equity-accounted joint ventures	10,632	8,811	(3)
Operating Profit	32,191	19,479
Financial income	539	204
Financial expenses	(969)	(1,493)	(23)
Net exchange rate gains/(losses)	726	(1,864)	(24)
Profit before taxes	32,487	16,326
Income taxes	(3,734)	(2,392)	(25)
Profit (loss) non-con. int.	(12)	52
Group Profit	28,741	13,986
Attributable to
Group	28,741	13,986
Non-controlling interests	12	(52)
Consolidated profit	28,753	13,934
Earnings per share:
Basic earnings (and diluted) per share	0.328	0.159

Zignago Vetro Group

Consolidated Statement of Comprehensive Income (unaudited)

(Euro thousands)	H1 2021	H1 2020
Profit for the period	28,741	13,986
Items that will be subsequently reclassified to profit or loss
Translation difference	217	(1,206)
Profit/(loss) cash flow hedge
Tax effect	---	---
	217	(1,206)
Total items that will be subsequently reclassified to profit or loss	217	(1,206)
Items that will not be subsequently reclassified to profit or loss
Actuarial gains/(losses) on defined benefit plans	---	---
Tax effect	---	---
	---	---
Total items that will not be subsequently reclassified to profit or loss	---	---
Other comprehensive income (expense) for the period, net of taxes	217	(1,206)
Total comprehensive income for the period	28,958	12,780
Attributable to:
Group	28,958	12,780
Non-controlling interests (Loss)	12	(52)

Zignago Vetro Group Consolidated Statement of Cash Flows(unaudited)

(Euro thousands)		H1 2021	H1 2020
CASH FLOW FROM OPERATING ACTIVITIES:
Group Profit for the period		28,741	13,986
Adjustments to reconcile net profit with cash flow generated
from operating activities:
Amortisation & depreciation		21,713	21,752
Losses/(gains) on sale of property, plant & equipment		(24)	72
Provision adjustments		(116)	163
Financial income		(539)	(204)
Financial expenses		969	1,493
Net exchange rate gains/(losses)		(726)	1,864
Income taxes		3,672	2,091
Equity-accounted joint ventures		(10,632)	(8,811)
Dividends distributed by equity-accounted joint ventures		14,590	12,377
Changes in operating assets and liabilities:
Decrease/(increase) in trade receivables		(16,333)	9,373
Decrease/(increase) in other current assets		3,726	2,297
Decrease/(increase) in inventories		(1,417)	(9,680)
Increase/(decrease) in trade & other payables		3,684	2,994
Increase (decrease) in current liabilities		2,352	(506)
Change in other non-current assets and liabilities		(2,459)	(259)
Total adjustments and changes		18,460	35,016
Net Cash Flows from operating activities	(A)	47,201	49,002
CASH FLOW FROM INVESTING ACTIVITIES:
Gross investments in intangible assets		(41)	---
Gross investments in property, plant and equipment		(22,716)	(8,769)
Increase/(decrease) in payables for purchases of non-current assets		(517)	(3,061)
Equity Investments		---	---
Sales price of securities		---	---
Sales price of property, plant and equipment		24	744
Net cash flow used in
investing activities	(B)	(23,250)	(11,086)
CASH FLOWS FROM FINANCING ACTIVITIES:
Interest paid in the period		(871)	(911)
Interest received in the period		7	23
Increase in bank payables		75,042	27,318
Decrease in bank payables		(62,001)	(23,355)
Distribution of dividends		(31,569)	(37,005)
Net cash flow used in financing activities	(C)	(19,392)	(33,930)
Change in assets and liabilities items due to translation effect	(D)	217	(1,206)
Net change in cash and cash equivalents	(A+B+C+D)	4,776	2,780
Cash & cash equivalents at beginning of period		50,154	44,805
Cash & cash equivalents at end of period		54,930	47,585

ATTACHMENT 7

Zignago Vetro Group

Statement of Changes in Equity (unaudited)

	Share capital	Legal reserve	Revaluation reserve	Other reserves	Capital paid-in	Treasury shares	Translation reserve	Actuarial ind. deferred profit/(loss) on benefit plans	Retained earnings	Net profit/(loss)	Group equity	controlling interest equity Total non-	Total consolidated equity
Balance at 31 December 2019	8,800	1,760	27,334	11,838	157	(1,093)	(944)	(1,188)	122,229	53,053	221,946	(64)	221,882
Profit (Loss)	---	---	---	---	---	---	---	---	---	13,986	13,986	(52)	13,934
Other profits/(losses), net of tax effect	---	---	---	---	---	---	(1,206)	---	---	---	(1,206)	---	(1,206)
Total Comp. Income (loss)	---	---	---	---	---	---	(1,206)	---	---	13,986	12,780	(52)	12,728
Allocation of result	---	---	---	---	---	---	---	---	53,053	(53,053)	---	---	---
Sale of treasury shares	---	---	---	---	---	---	---	---	---	---	---	---	---
Other changes	---	---	---	1,059	---	---	---	---	(1,038)	---	21	---	21
IFRS 2	---	---	---	524	---	---	---	---	---	---	524	---	524
Movement non-control. interests eq.	---	---	---	---	---	---	---	---	---	---	---	---	---
Distribution of dividends	---	---	---	---	---	---	---	---	(37,005)	---	(37,005)	---	(37,005)
Balance at 30 June 2020	8,800	1,760	27,334	13,421	157	(1,093)	(2,150)	(1,188)	137,239	13,986	198,266	(116)	198,150
Profit (Loss)	---	---	---	---	---	---	---	---	---	31,641	31,641	160	31,801
Other profits/(losses), net of tax effect	---	---	---	---	---	---	(540)	105	---	---	(435)	---	(435)
Total Comp. Income (loss)	---	---	---	---	---	---	(540)	105	---	31,641	31,206	160	31,366
Allocation of result	---	---	---	---	---	---	---	---	---	---	---	---	---
Sale of treasury shares	---	---	---	---	---	---	---	---	---	---	---	---	---
Other changes	---	---	---	(1,059)	---	---	---	---	1,038	---	(21)	---	(21)
Movement non-controlling interests eq.	---	---	---	---	---		---	---	---	---	---	---	---
IFRS 2	---	---	---	525	---	---	---	---	---	---	525	---	525
Distribution of dividends	---	---	---	---	---	---	---	---	---	---	---	---	---
Balance at 31 December 2020	8,800	1,760	27,334	12,887	157	(1,093)	(2,690)	(1,083)	138,277	45,627	229,976	4 4	230,020
Profit (Loss)	---	---	---	---	---	---	---	---	---	28,741	28,741	12	28,753
Other profits/(losses), net of tax effect	---	---	---	---	---	---	217	---	---	---	217	---	217
Total Comp. Income (loss)	---	---	---	---	---	---	217	---	---	28,741	28,958	12	28,970
Allocation of result	---	---	---	---	---	---	---	---	45,627	(45,627)	---	---	---
Sale of treasury shares	---	---	---	---	---	---	---	---	---	---	---	---	---
Other changes	---	---	---	137	---	---	---	---	---	---	137	---	137
Movement non-control. interests eq.	---	---	---	---	---		---	---	---	---	---	---	---
IFRS 2	---	---	---	523	---	---	---	---	---	---	523	---	523
Distribution of dividends	---	---	---	---	---	---	---	---	(31,569)	---	(31,569)	---	(31,569)
Balance at 30 June 2021	8,800	1,760	27,334	13,547	157	(1,093)	(2,473)	(1,083)	152,335	28,741	228,025	5 6	228,081

ATTACHMENT 8

Zignago Vetro Group ESG: main indicators and KPI's (*)

Topic	KPIs	2020	2021	30/06/2021	2026
		actual	Objectives	actual	Strategic objectives
Raw materials management	% of recycled glass of external origin on total glass produced	48.0%	52.0%	49.7%	57.0%
Energy efficiency	Energy consumption per kilogram of glass produced (kWh/kg)	2.355	2.340	2.333	2.130
	% of electricity from renewable sources	44.3%	46%	45.1%	81.0%
Water resource management	Specific water consumption per tonne of glass produced (m 3 /ton)	3.38	2.52	2.46	2.00
Emissions	Specific Scope 1 & 2 CO2 emissions (tonCO2/ton)	0.607	0.600	0.614	0.450
	Sustainable logistics	Multi-modal transport system	In development phase	In development phase	In development phase
Waste management	Ordinary waste per tonne of glass produced (kg/ton)	12.12	n.a. (recorded annually)	n.a. (recorded annually)	n.a. (recorded annually)
			FSSC 22000 underway in Empoli, expected by mid-2021	Adopted FSSC 22000 in Empoli in March 2021	Maintain current certifications Adopt following new certifications:
Other	Group certifications	adoption ISO 14001 in Poland	ISO 9001 in France underway and expected In progress by 2021		● ISO 45001 in Empoli by 2023, in Fossalta by 2024, and in Poland by 2025 ● ISO 50001 in Poland by 2021, in Empoli and Fossalta by 2023 ● FSSC 22000 in Poland by 2023
			Ecovadis: Silver rating Ecovadis: obtain Gold rating	Ecovadis: Silver rating	Improve Ecovadis and CDP
		CDP score B	CDP improvement score CDP score B		scores
	Social / environmental initiatives	over euro 590,000 (includes COVID-19 emergency aid)	0.25% of annual consolidated result to social and environmental initiatives	in progress	0.25% of annual consolidated result to social and environmental initiatives

Note A : Not all technical work carried due to COVID-19