Corticeira Amorim Consolidated 30/06/2020
CORTICEIRA AMORIM CONSOLIDATED 30/06/2020 First semester 2020 (1H20) (Audited) Second quarter 2020 (2Q20) (Non audited) Translation of consolidated financial statements originally issued in Portuguese. In case of discrepancy the Portuguese version prevails 2 CORTICEIRA AMORIM, SGPS, S.A. CONSOLIDATED FINANCIAL STATEMENTS 1st HALF 2020 Dear Shareholders, In accordance with the law, CORTICEIRA AMORIM S.G.P.S., S.A., a public company, presents its: CONSOLIDATED MANAGEMENT REPORT 1. SUMMARY OF ACTIVITY The second quarter was characterised by a worsening of the public health crisis and by decisions made throughout the world to close down economies to prevent the spread of coronavirus, creating some of the most challenging conditions in decades for the world economy. The impact varied, depending on how the pandemic developed (China began reopening its economy in April), but it was more pronounced in the northern hemisphere, especially in Europe and the US. As the quarter progressed, the earliest affected economies started reopening, while other regions, such as Central America, South America and Africa, began suffering the strongest impact of the epidemic. Critical monetary and fiscal support measures were implemented during the second quarter. Their magnitude and the fast action of the monetary and fiscal authorities was unprecedented and decisive. The effect was to reduce uncertainty. At the same time, however, the trade dispute between the US and China grew in intensity, increasing instability, uncertainty and risk. It was a period dominated by the unknown, by a willingness to respond, by advances and setbacks in introducing measures, and by expectations, probably excessive, of obtaining a cure or a vaccine for Covid-19 over the short term.
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