Context:
Financial Statements:
| Column 1                                              | Column 2   | Column 3   | Column 4   | Column 5   | Column 6   | Column 7   | Column 8   |
|:------------------------------------------------------|:-----------|:-----------|:-----------|:-----------|:-----------|:-----------|:-----------|
|                                                       |            |            |            |            |            |            |            |
|                                                       |            |            |            |            |            |            |            |
|                                                       | March 31,  |            |            |            |            |            |            |
| (in thousands of dollars)                             | 2020       |            | 2019       |            |            |            |            |
| ASSETS                                                |            |            |            |            |            |            |            |
| Current assets                                        |            |            |            |            |            |            |            |
| Cash and cash equivalents                             | $          | 107,430    |            |            | $          | 297,556    |            |
| Accounts receivable, net                              | 340,711    |            |            | 368,110    |            |            |            |
| Advances to suppliers, net                            | 133,778    |            |            | 106,850    |            |            |            |
| Accounts receivable—unconsolidated affiliates         | 11,483     |            |            | 30,951     |            |            |            |
| Inventories—at lower of cost or net realizable value: |            |            |            |            |            |            |            |
| Tobacco                                               | 707,298    |            |            | 629,606    |            |            |            |
| Other                                                 | 99,275     |            |            | 69,611     |            |            |            |
| Prepaid income taxes                                  | 12,144     |            |            | 14,264     |            |            |            |
| Other current assets                                  | 67,498     |            |            | 71,197     |            |            |            |
| Total current assets                                  | 1,479,617  |            |            | 1,588,145  |            |            |            |
|                                                       |            |            |            |            |            |            |            |
| Property, plant and equipment                         |            |            |            |            |            |            |            |
| Land                                                  | 21,376     |            |            | 22,952     |            |            |            |
| Buildings                                             | 256,488    |            |            | 261,976    |            |            |            |
| Machinery and equipment                               | 634,395    |            |            | 608,191    |            |            |            |
|                                                       | 912,259    |            |            | 893,119    |            |            |            |
| Less accumulated depreciation                         | (597,106   | )          |            | (590,625   | )          |            |            |
|                                                       | 315,153    |            |            | 302,494    |            |            |            |
| Other assets                                          |            |            |            |            |            |            |            |
| Operating lease right-of-use assets                   | 39,256     |            |            | —          |            |            |            |
| Goodwill and other intangibles, net                   | 144,687    |            |            | 97,994     |            |            |            |
| Investments in unconsolidated affiliates              | 77,543     |            |            | 80,482     |            |            |            |
| Deferred income taxes                                 | 20,954     |            |            | 13,357     |            |            |            |
| Other noncurrent assets                               | 43,711     |            |            | 50,712     |            |            |            |
|                                                       | 326,151    |            |            | 242,545    |            |            |            |
|                                                       |            |            |            |            |            |            |            |
| Total assets                                          | $          | 2,120,921  |            |            | $          | 2,133,184  |            |

---

| Column 1                                                                                                                          | Column 2   | Column 3   | Column 4   | Column 5   | Column 6   | Column 7   | Column 8   |
|:----------------------------------------------------------------------------------------------------------------------------------|:-----------|:-----------|:-----------|:-----------|:-----------|:-----------|:-----------|
|                                                                                                                                   |            |            |            |            |            |            |            |
|                                                                                                                                   |            |            |            |            |            |            |            |
|                                                                                                                                   | March 31,  |            |            |            |            |            |            |
| (in thousands of dollars)                                                                                                         | 2020       |            | 2019       |            |            |            |            |
| LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                              |            |            |            |            |            |            |            |
| Current liabilities                                                                                                               |            |            |            |            |            |            |            |
| Notes payable and overdrafts                                                                                                      | $          | 78,033     |            |            | $          | 54,023     |            |
| Accounts payable and accrued expenses                                                                                             | 140,202    |            |            | 145,506    |            |            |            |
| Accounts payable—unconsolidated affiliates                                                                                        | 55         |            |            | 106        |            |            |            |
| Customer advances and deposits                                                                                                    | 10,242     |            |            | 21,675     |            |            |            |
| Accrued compensation                                                                                                              | 23,710     |            |            | 31,372     |            |            |            |
| Income taxes payable                                                                                                              | 5,334      |            |            | 1,066      |            |            |            |
| Current portion of operating lease liabilities                                                                                    | 9,823      |            |            | —          |            |            |            |
| Current portion of long-term debt                                                                                                 | —          |            |            | —          |            |            |            |
| Total current liabilities                                                                                                         | 267,399    |            |            | 253,748    |            |            |            |
|                                                                                                                                   |            |            |            |            |            |            |            |
| Long-term debt                                                                                                                    | 368,764    |            |            | 368,503    |            |            |            |
| Pensions and other postretirement benefits                                                                                        | 70,680     |            |            | 59,257     |            |            |            |
| Long-term operating lease liabilities                                                                                             | 25,893     |            |            | —          |            |            |            |
| Other long-term liabilities                                                                                                       | 69,427     |            |            | 43,214     |            |            |            |
| Deferred income taxes                                                                                                             | 29,474     |            |            | 28,584     |            |            |            |
| Total liabilities                                                                                                                 | 831,637    |            |            | 753,306    |            |            |            |
|                                                                                                                                   |            |            |            |            |            |            |            |
| Shareholders’ equity                                                                                                              |            |            |            |            |            |            |            |
| Universal Corporation:                                                                                                            |            |            |            |            |            |            |            |
| Preferred stock:                                                                                                                  |            |            |            |            |            |            |            |
| Series A Junior Participating Preferred Stock, no par value, 500,000 shares authorized,none issued or outstanding                 | —          |            |            | —          |            |            |            |
| Common stock, no par value, 100,000,000 shares authorized, 24,421,835 shares issuedand outstanding (24,989,946 at March 31, 2019) | 321,502    |            |            | 326,600    |            |            |            |
| Retained earnings                                                                                                                 | 1,076,760  |            |            | 1,106,178  |            |            |            |
| Accumulated other comprehensive loss                                                                                              | (151,597   | )          |            | (95,691    | )          |            |            |
| Total Universal Corporation shareholders' equity                                                                                  | 1,246,665  |            |            | 1,337,087  |            |            |            |
| Noncontrolling interests in subsidiaries                                                                                          | 42,619     |            |            | 42,791     |            |            |            |
| Total shareholders' equity                                                                                                        | 1,289,284  |            |            | 1,379,878  |            |            |            |
|                                                                                                                                   |            |            |            |            |            |            |            |
| Total liabilities and shareholders' equity                                                                                        | $          | 2,120,921  |            |            | $          | 2,133,184  |            |

---

| Column 1                                                                          | Column 2                    | Column 3   | Column 4   | Column 5   | Column 6   | Column 7   | Column 8   | Column 9   | Column 10   | Column 11   | Column 12   |
|:----------------------------------------------------------------------------------|:----------------------------|:-----------|:-----------|:-----------|:-----------|:-----------|:-----------|:-----------|:------------|:------------|:------------|
|                                                                                   |                             |            |            |            |            |            |            |            |             |             |             |
|                                                                                   |                             |            |            |            |            |            |            |            |             |             |             |
|                                                                                   | Fiscal Year Ended March 31, |            |            |            |            |            |            |            |             |             |             |
| (in thousands of dollars)                                                         | 2020                        |            | 2019       |            | 2018       |            |            |            |             |             |             |
| Cash Flows From Operating Activities:                                             |                             |            |            |            |            |            |            |            |             |             |             |
| Net income                                                                        | $                           | 78,003     |            |            | $          | 110,134    |            |            | $           | 116,168     |             |
| Adjustments to reconcile net income to net cash provided by operating activities: |                             |            |            |            |            |            |            |            |             |             |             |
| Depreciation and amortization                                                     | 38,379                      |            |            | 37,104     |            |            | 34,836     |            |             |             |             |
| Provision for losses (recoveries) on advances and guaranteed loans to suppliers   | 937                         |            |            | (2,339     | )          |            | 3,730      |            |             |             |             |
| Inventory write-downs                                                             | 10,319                      |            |            | 4,002      |            |            | 7,687      |            |             |             |             |
| Stock-based compensation expense                                                  | 5,631                       |            |            | 8,152      |            |            | 7,610      |            |             |             |             |
| Foreign currency remeasurement loss (gain), net                                   | 16,422                      |            |            | 1,786      |            |            | (184       | )          |             |             |             |
| Deferred income taxes                                                             | (8,697                      | )          |            | 3,873      |            |            | (11,132    | )          |             |             |             |
| Equity in net income of unconsolidated affiliates, net of dividends               | 1,101                       |            |            | 3,659      |            |            | (1,521     | )          |             |             |             |
| Restructuring and impairment costs                                                | 7,543                       |            |            | 20,304     |            |            | —          |            |             |             |             |
| Restructuring payments                                                            | (2,787                      | )          |            | (4,014     | )          |            | (315       | )          |             |             |             |
| Other, net                                                                        | (8,772                      | )          |            | 5,613      |            |            | (7,866     | )          |             |             |             |
| Changes in operating assets and liabilities, net:                                 |                             |            |            |            |            |            |            |            |             |             |             |
| Accounts and notes receivable                                                     | 16,267                      |            |            | (8,373     | )          |            | 38,264     |            |             |             |             |
| Inventories and other assets                                                      | (94,538                     | )          |            | 33,796     |            |            | (116,728   | )          |             |             |             |
| Income taxes                                                                      | 10,927                      |            |            | (8,981     | )          |            | 1,239      |            |             |             |             |
| Accounts payable and other accrued liabilities                                    | (48,534                     | )          |            | (54,912    | )          |            | 13,397     |            |             |             |             |
| Customer advances and deposits                                                    | (11,304                     | )          |            | 14,718     |            |            | (3,940     | )          |             |             |             |
| Net cash provided by operating activities                                         | 10,897                      |            |            | 164,522    |            |            | 81,245     |            |             |             |             |
|                                                                                   |                             |            |            |            |            |            |            |            |             |             |             |
| Cash Flows From Investing Activities:                                             |                             |            |            |            |            |            |            |            |             |             |             |
| Purchase of property, plant and equipment                                         | (35,227                     | )          |            | (38,760    | )          |            | (34,037    | )          |             |             |             |
| Purchase of business, net of cash held by the business                            | (80,180                     | )          |            | —          |            |            | —          |            |             |             |             |
| Proceeds from sale of property, plant and equipment                               | 8,547                       |            |            | 2,061      |            |            | 5,194      |            |             |             |             |
| Other                                                                             | 495                         |            |            | 2,000      |            |            | 1,450      |            |             |             |             |
| Net cash used by investing activities                                             | (106,365                    | )          |            | (34,699    | )          |            | (27,393    | )          |             |             |             |
|                                                                                   |                             |            |            |            |            |            |            |            |             |             |             |
| Cash Flows From Financing Activities:                                             |                             |            |            |            |            |            |            |            |             |             |             |
| Issuance (repayment) of short-term debt, net                                      | 24,114                      |            |            | 12,036     |            |            | (18,159    | )          |             |             |             |
| Issuance of long-term debt                                                        | —                           |            |            | 41,147     |            |            | —          |            |             |             |             |
| Repayment of long-term debt                                                       | —                           |            |            | (41,147    | )          |            | —          |            |             |             |             |
| Dividends paid to noncontrolling interests in subsidiaries                        | (6,251                      | )          |            | (5,938     | )          |            | (7,350     | )          |             |             |             |
| Repurchase of common stock                                                        | (33,457                     | )          |            | (1,443     | )          |            | (21,610    | )          |             |             |             |
| Dividends paid on common stock                                                    | (75,368                     | )          |            | (69,883    | )          |            | (54,699    | )          |             |             |             |
| Proceeds from termination of interest rate swap agreements                        | —                           |            |            | 5,428      |            |            | —          |            |             |             |             |
| Debt issuance costs and other                                                     | (3,184                      | )          |            | (5,987     | )          |            | (2,828     | )          |             |             |             |
| Net cash used by financing activities                                             | (94,146                     | )          |            | (65,787    | )          |            | (104,646   | )          |             |             |             |
|                                                                                   |                             |            |            |            |            |            |            |            |             |             |             |
| Effect of exchange rate changes on cash                                           | (512                        | )          |            | (608       | )          |            | 929        |            |             |             |             |
| Net increase (decrease) in cash and cash equivalents                              | (190,126                    | )          |            | 63,428     |            |            | (49,865    | )          |             |             |             |
| Cash and cash equivalents at beginning of year                                    | 297,556                     |            |            | 234,128    |            |            | 283,993    |            |             |             |             |
| Cash and Cash Equivalents at End of Year                                          | $                           | 107,430    |            |            | $          | 297,556    |            |            | $           | 234,128     |             |
|                                                                                   |                             |            |            |            |            |            |            |            |             |             |             |
| Supplemental information—cash paid for:                                           |                             |            |            |            |            |            |            |            |             |             |             |
| Interest                                                                          | $                           | 19,376     |            |            | $          | 16,462     |            |            | $           | 15,621      |             |
| Income taxes, net of refunds                                                      | $                           | 30,984     |            |            | $          | 44,856     |            |            | $           | 58,339      |             |

---

| Column 1                                                                   | Column 2                    | Column 3   | Column 4   | Column 5   | Column 6   | Column 7   | Column 8   | Column 9   | Column 10   | Column 11   | Column 12   |
|:---------------------------------------------------------------------------|:----------------------------|:-----------|:-----------|:-----------|:-----------|:-----------|:-----------|:-----------|:------------|:------------|:------------|
|                                                                            |                             |            |            |            |            |            |            |            |             |             |             |
|                                                                            |                             |            |            |            |            |            |            |            |             |             |             |
|                                                                            | Fiscal Year Ended March 31, |            |            |            |            |            |            |            |             |             |             |
| (in thousands of dollars, except share and per share data)                 | 2020                        |            | 2019       |            | 2018       |            |            |            |             |             |             |
| Sales and other operating revenues                                         | $                           | 1,909,979  |            |            | $          | 2,227,153  |            |            | $           | 2,033,947   |             |
|                                                                            |                             |            |            |            |            |            |            |            |             |             |             |
| Costs and expenses                                                         |                             |            |            |            |            |            |            |            |             |             |             |
| Cost of goods sold                                                         | 1,553,167                   |            |            | 1,820,562  |            |            | 1,661,999  |            |             |             |             |
| Selling, general and administrative expenses                               | 222,902                     |            |            | 225,118    |            |            | 201,123    |            |             |             |             |
| Restructuring and impairment costs                                         | 7,543                       |            |            | 20,304     |            |            | —          |            |             |             |             |
|                                                                            |                             |            |            |            |            |            |            |            |             |             |             |
| Operating income                                                           | 126,367                     |            |            | 161,169    |            |            | 170,825    |            |             |             |             |
| Equity in pretax earnings of unconsolidated affiliates                     | 4,211                       |            |            | 5,299      |            |            | 9,125      |            |             |             |             |
| Other non-operating income (expense)                                       | 986                         |            |            | 832        |            |            | 662        |            |             |             |             |
| Interest income                                                            | 1,581                       |            |            | 1,532      |            |            | 1,686      |            |             |             |             |
| Interest expense                                                           | 19,854                      |            |            | 17,510     |            |            | 15,621     |            |             |             |             |
|                                                                            |                             |            |            |            |            |            |            |            |             |             |             |
| Income before income taxes                                                 | 113,291                     |            |            | 151,322    |            |            | 166,677    |            |             |             |             |
| Income taxes                                                               | 35,288                      |            |            | 41,188     |            |            | 50,509     |            |             |             |             |
|                                                                            |                             |            |            |            |            |            |            |            |             |             |             |
| Net income                                                                 | 78,003                      |            |            | 110,134    |            |            | 116,168    |            |             |             |             |
| Less:  net income attributable to noncontrolling interests in subsidiaries | (6,323                      | )          |            | (6,013     | )          |            | (10,506    | )          |             |             |             |
| Net income attributable to Universal Corporation                           | $                           | 71,680     |            |            | $          | 104,121    |            |            | $           | 105,662     |             |
|                                                                            |                             |            |            |            |            |            |            |            |             |             |             |
| Earnings per share:                                                        |                             |            |            |            |            |            |            |            |             |             |             |
| Basic                                                                      | $                           | 2.87       |            |            | $          | 4.14       |            |            | $           | 4.18        |             |
| Diluted                                                                    | $                           | 2.86       |            |            | $          | 4.11       |            |            | $           | 4.14        |             |
|                                                                            |                             |            |            |            |            |            |            |            |             |             |             |
| Weighted average common shares outstanding:                                |                             |            |            |            |            |            |            |            |             |             |             |
| Basic                                                                      | 24,982,259                  |            |            | 25,129,192 |            |            | 25,274,975 |            |             |             |             |
| Diluted                                                                    | 25,106,351                  |            |            | 25,330,437 |            |            | 25,508,144 |            |             |             |             |

---

English News:
Universal Packaging Shifts Focus to COVID 19 Solutions by Providing FDA Approved Face Masks Leading Provider to National Pharmaceutical and Long Term Care Industries Has 3 Ply Surgical and KN95 Masks In Stock Ready to Ship Same Day. HUNT VALLEY Md June 4 2020 PRNewswire Universal Packaging a leading provider of personal protective equipment PPE has long delivered solutions to companies requiring this important equipment. The company has ramped up its inventory to meet the needs of medical workers first responders and workers in essential businesses to help reduce the spread of COVID 19. Their 50000 sq ft warehouse is stocked and ready to deliver with same day shipping available.Continue Reading Universal Packaging Universal Packaging has already delivered masks to hundreds of companies including first responders manufacturers medical and long term care facilities and is receiving new orders daily from across the US.We rushed production to meet the countrys growing need so we can help keep everyone safe while we face this horrible pandemic said Ryan Rush President Universal Packaging.Serving the community is important to Universal Packaging. The company has donated thousands of masks to local police to ensure our first responders are protected during this difficult time said Rush.Universal Packagings masks include an FDA approved 3 Ply Surgical Mask with flexible earloop bands that stretch to fit all sizes. The KN95 masks offer five layers of protection and a comfortable fit. The masks are available online for direct purchase at www.direct.univpack.com. For order inquiries over 50000 masks contact Ryan Rush directly at 410 905 3059 About Universal Packaging Universal Packaging is a leading packaging and protective solutions provider. Years of research and development have been dedicated to creating the best possible products for some of the most difficult applications and environments. Personal protective equipment including surgical and KN95 masks special purpose pharmacy bags gowns and gloves have been developed to meet our customers ever evolving needs. Based in Hunt Valley Maryland we service the entire United States with distribution across the nation. For more information visit www.UnivPack.com.Media Contact Fred Almond Marketing and Communications Universal Packaging 410 825 8300 emailprotected

Chinese News:
跨国公司来自美国烟草网的消息，最近，雷诺美国烟草公司、帝国品牌公司以及利杰特烟草公司向美国德克萨斯州的一家联邦法院提起了法律诉讼。诉讼中将要挑战美国食品与药品管理局（FDA）早在2个月前，即2020年3月份，美国FDA发布最终规则，要求在卷烟包装和 卷烟广告中展示新的健康警告。这些警告应使用带有真实照片的彩色图像的文字说明，描述一些鲜为人知但严重的吸烟健康风险，包括心脏病， 糖尿病等的影响。英美烟草南非分公司（BATSA）将针对该国政府决定在全国禁酒令第3级期间延长对烟草销售的禁令而采取法律行动。该公司在 一份声明中说：“自禁令生效以来，BATSA已尽一切努力与政府进行建设性接触，包括与其他有关方面一起向各部长以及直接向总统提交详尽的呈 件。迄今为止，尚未收到政府的正式回应，BATSA也未纳入政府的任何磋商程序。”环球烟草公布财报，公告显示公司2020财年年报归属于母公司 普通股股东净利润为7168.00万美元，同比下降31.16%；营业收入为19.10亿美元，同比下跌14.24%。Universal Corporation是一家领先的烟叶烟草供应商。它在5大洲超过30个国家都有业务。自其1918年建立后烟草业就成了其主要业务。它业务的最大部分就是为消费性烟草产品生产商收集处理烤烟和白肋烟叶。市场动态5月31日是第33个世界无烟日。为保护青少年免受烟草和尼古丁伤害，5月27日，国际防痨和肺部疾病联合会（以 下简称“联合会”）公开发表声明，倡导在中低收入国家禁止销售电子烟和加热型烟草制品。国际防痨和肺部疾病联合会是一家全球性卫生组织， 致力于消灭结核病、关注肺部健康，对烟草业持抵制态度。因新冠疫情疫情，原计划将在波兰华沙举行的线下全球尼古丁论坛（GFN）将延期至2020年6月11日至12日线上举行。该会议免费向所有对尼古丁科学和政策感兴趣的人开放。会议期间，专家们将讨论尼古丁科学的进展，探讨有利于减少烟草危害的道德论据，并探讨所有主张健康权的人的人权问题。据纽约时报报道，Puff Bar电子烟公司的产品在美国目前已经迅速超越了Juul，并在广告中宣传自己的产品，以摆脱家长教条和压力。美国众议院议员本周要求美国食品药品监督管理局（FDA）禁止快速增长的电子烟Puff Bar，该电子烟已迅速取代Juul，成为年轻人的首选电子烟。但FDA拒绝讨论Puff Bar。2019年世界控烟履约进展报告发布。世界各国结合《公约 》要求，在减少烟草需求的措施、减少烟草供给的措施、减少烟草危害的措施等方面取得了积极的控烟履约进展，如加强烟草制品成分管制、提 高烟草税负、提高包装标识警示效果、严格管制烟草广告等。2019年，全球控烟履约工作整体呈现出控烟措施日渐深化、交流日益广泛、新型烟 草产品监管日趋严格等特点。烟草与法美国食品药品监督管理局（FDA）已将2021年10月16日定为可燃卷烟图形健康新警告标签的生效日期。新的警告集包含患肺的图像、一个患有勃起功能障碍的男人、一个患有心脏或肺部手术缝合针的男人以及一个戴着氧气面罩的孩子的图像。但是，正 如FDA所建议的那样，没有气管孔冒烟，没有尸体，也没有死者的照片。据来自Business Recorder的消息，近年来，随着巴基斯坦国内非法烟草 贸易量的增长，已造成了政府收入的严重损失。数据显示，巴基斯坦政府在2019年至2020年期间，因为非法烟草贸易量的增长，政府已经遭受到 了数十亿美元的巨额损失。该国烟草业总消费量的近40%是通过黑市非法贸易进行的，这也令政府财政部门的官员感到十分担忧。新型烟草据烟业通讯报道，日本烟草公司（JT）正在推出其Ploom S 2.0，这是一种专门用于薄荷醇的升级版加热烟草设备。Ploom S 2.0配备了新的加热模式， 与当前的Ploom S相比，它可以延长峰值加热温度的持续时间。JT称，这使薄荷醇的新鲜度，浓蒸汽和清澈的烟草味之间达到了平衡。今年悄悄兴起的茶烟，又叫加热不燃烧非烟烟弹，是民营企业自主研发，可用于加热不燃烧设备的产品，目前不属于烟草专卖法管控范围。据了解到的企业 信息，目前加热不燃烧非烟烟弹的量平均在3万条/月，之前主要是走日韩、欧美等国外市场，但在疫情期间，有些品牌开启了国内的风潮。有权 威业内人士认为，接下来加热不燃烧非烟烟弹会迎来一波小高潮。

Japanese News:
米国の大手農産物サプライヤーで世界的な葉タバコ供給企業であるUniversal Corporation（UVV）は2020年5月28日（現地時間）、2020年度（2019年4月～2020年3月期）の通期決算を発表した。連結売上高は約19億ドル、営業利益は1億2640万ドル、セグメント別営業利益は1億3810万ドルを計上した。 同社は1918年の創業以来、主に葉タバコ供給を中心に事業展開している。現在では世界5大陸30カ国以上で事業を展開し、タバコ葉をはじめとした農産物の調達・加工・梱包・保管・物流を総合的に手掛けている。同社は最終消費製品の製造は行わず、主に製品メーカー向けに加工済みの原材料と関連サービスを提供するビジネスモデルを採用している。 主要事業である葉タバコ供給については、主に北米およびその他地域の二つの事業セグメントで構成されており、安定した業績を維持した。また、「その他タバコ関連事業」として、ダークタバコやオリエンタルタバコの合弁事業のほか、青果物の加工事業、各種農業関連サービスも展開している。 同社はグローバルな調達体制と柔軟な供給網を強化し、世界市場での競争力をさらに高める戦略をとっている。経営陣は今後の展望について、「当社の強みである世界規模の調達・加工・物流ネットワークを活かし、各地域での需要変動にも迅速に対応できるよう引き続き努力していく」とコメントした。

Spanish News:
Universal Corporation ha proporcionado una guía de producción para el año fiscal 2021. Para ese año, la empresa espera que la producción mundial de tabaco curado al fuego y de burley disminuya en torno al 7% y al 10%, respectivamente, lo que, en su opinión, mantendrá el tabaco curado al fuego en una posición de ligero exceso de oferta y el burley se mantendrá en una posición de oferta equilibrada.

Greek News:
Το οικονομικό έτος που έληξε στις 31 Μαρτίου του 2020, η Universal Corporation (UVV) αντιμετώπισε καινούριες προκλήσεις, κυρίως λόγω της παγκόσμιας πανδημίας COVID-19. Οι μακροοικονομικές πιέσεις ήταν σοβαρές, αφού η ξαφνική υποτίμηση νομισμάτων όπως η ινδονησιακή ρούπια, το βραζιλιάνικο Ρεάλ και το μεξικάνικο πέσο οδήγησε σε ζημιές λόγω επανεκτίμησης ύψους $ 13 εκατομμυρίων. Επιπλέον καταγράφηκαν καθυστερήσεις στις αποστολές, μειώσεις στις παραγγελίες και αύξηση των μη δεσμευμένων αποθεμάτων, ιδιαίτερα σε αγορές κλειδιά όπως η Βόρεια Αμερική και η Αφρική. Η εταιρία διατήρησε σχετικά σταθερά μικτά περιθώρια κέρδους, συγκεκριμένα, για το έτος 2020, το συνολικό μικτό κέρδος έπεσε στα $ 356,8 χιλιάδες δολλάρια σε σύγκριση $ 406,6 χιλιάδων το προηγούμενο έτος, παρουσιάζοντας αξιοσημείωτη πτώση κατά 12,25%. Οι εκτιμήσεις για το 2021, είναι πως η παγκόσμια μείωση παραγωγής για καπνά flue-cured και burley κατά 7% και 10% αντίστοιχα, αναμένεται να επηρεάσει την ισορροπία προσφοράς και ζήτησης. Η εταιρία έχει λάβει προληπτικά μέτρα, περιορίζοντας τις κεφαλαιουχικές δαπάνες και ενισχύοντας την προστασία των εργαζομένων της, ενώ ταυτόχρονα συνεχίζει να αντιμετωπίζει προκλήσεις λόγω της αστάθειας της εφοδιαστικής αλυσίδας και των συναλλαγματικών ισοτιμιών.

Question:
What trends can be observed in the company’s revenue amount over the past few years? Please quote the piece(s) of news aligned with the finding(s), if any.

Answer:

Question: What trends can be observed in the company’s revenue amount over the past few years? Please quote the piece(s) of news aligned with the finding(s), if any.

Answer: Revenue decreased from $2.03 billion in 2018 to $2.23 billion in 2019, then dropped to $1.91 billion in 2020, showing a declining trend over the three years.
News Evidence: "环球烟草公布财报，公告显示公司2020财年年报归属于母公司普通股股东净利润为7168.00万美元，同比下降31.16%；营业收入为19.10亿美元，同比下跌14.24%。"

Question: How does the company’s balance sheet reflect its financial health in terms of total amount of current assets and the ratio of total liability divided by total equity? Please provide only the final result(s); do not include any calculation steps. Please quote the piece(s) of news aligned with the finding(s), if any.

Answer: Total current assets are $1,479,617 thousand. Total liabilities are $831,637 thousand and total shareholders' equity is $1,289,284 thousand, giving a liability-to-equity ratio of 0.65.
News Evidence: None

Question: Are there any significant changes or irregularities in the amount of operating, investing and financing cash flow? Please quote the piece(s) of news aligned with the finding(s), if any.

Answer: Operating cash flow decreased dramatically from $164,522 thousand in 2019 to $10,897 thousand in 2020. Investing cash flow shows significant outflow of $106,365 thousand in 2020 (vs $34,699 thousand in 2019) mainly due to business acquisition. Financing cash flow maintained a negative trend across all years.
News Evidence: None

Question: What is the company's R&D ratio (R&D divided by revenue)? Please provide only the final result(s); do not include any calculation steps. Please quote the piece(s) of news aligned with the finding(s), if any.

Answer: None. There is no R&D expense listed in the financial statements.
News Evidence: None