Sustainability Report 2011 - Meliahotelsinternational
Sustainability report 2011Meliá Hotels International Sustainability report 2011Meliá Barcelona & Espai Sarriá SpainPrinted on Cyclus Offset paper, 100% recycled, manufactured without chlorine and optical whiteners. This paper has been internationally certified by “Blue Angel”, “Nordic Swan” and “NAPM”.The inks do not contain pigments made from toxic heavy metals. The report has been printed by AMADIP.ESMENT, a special employment centre. DL. PM-783-2011H OT E L S & R E S O RT SR E A L E S TAT ECLUB MELIÁM EL IAHOT E LSINT E R NAT IO NAL.CO M
CONTENTS02Independent Review Report04Company Profile06Message from the Chairman08Sustainability at Meliá Hotels International16Leadership Value24Good Governance Value28Environmental Value42Human Value66Socio-cultural Value70Economic Value79Commercial value85Business Value89Media Value93Corporate Information94History of the Company96About this Report99Appendix99Global Sustainability Policy101Meliá Hotels International Materiality Study102Meliá Las Claras: “Let’s Open the Doors to Culture”103Celebration of World Environment Day104Progress Report (COP) 2011 Global Compact112Evaluation and Renovation of Commitments to Improvement 2011113Commitments to Improvement 2012114GRI IndicatorsMeliá Hotels International Sustainability Report 20111
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Company ProfileCUBA 27Premium 3Meliá11TRYP3SOL 10USA 2Meliá11MEXICO 10Premium 1Meliá2CLUB MELIÁDOMINICAN REP.43Premium 3Meliá24CLUB MELIÁCOSTA RICA1PUERTO RICOPremium 16131Premium 1CLUB MELIÁ1PANAMA 1MELIÁ 1CLUB MELIÁTRYP% by hotelsPROPERTY28.51%23.03%PERU 1MANAGEMENT48.27%40.79%MELIÁ 1RENTALCLUB MELIÁ5.49%9.21%17.73%26.97%MELIÁ 3TRYP9URUGUAY 1TRYPMELIÁ 2TRYP1In the group of data by brand, the PREMIUM concept includesthe brands Gran Meliá, ME by Meliá and Paradisus.Basic Business DataCurrent positioning of Meliá Hotels InternationalRESULTS (in million euros)RevenuesEBITDAREBITDANet profitNet profit .120091,1492822024338HOTELSHotelsRoomsClub Meliá (rooms)Stays 4NA25.2BRAND DIVERSIFICATION (by room numbers)PremiumMeliáTryp by WyndhamSolNo ATEGORY DIVERSIFICATION (by room numbers)3 star15%4 star47%5 star and 5 star deluxe32%3 and 4 keys6%16%47%31%6%16%46%32%6%CITY / RESORT 7634.3521.37632.288*1.090Does not include Egypt.BRAZIL 12ARGENTINA 3510 rooms / 13 hotelsNUMBER OF EMPLOYEESHotels and Corporate officesClub MeliáPremium 21% by roomsFRANCHISE*1VENEZUELA 2COLOMBIA 1Year Company founded:Year of IPO:Initial share price (before split):19562, July 19965.41 Ticker symbol:MEL.MC / MEL SMMarket where traded:Mercado Continuo(Spain)Forms part of the Madrid Stock MarketNumber of shares:184,776,777Share price at 31/12/2011:3.895 Growth in value from issue to 31/12/2011:-43.9%Growth in value from 31/12/2010 to31/12/2011:-28.0%On 27 August 2008 Moody’s ratingwas cancelled1
CROATIA 18LUXEMBOURGGERMANY 221Meliá 1UNITED KINGDOMMELIÁ 2SIN MARCA2SOL 14Meliá2INNSIDE 9TRYP111BULGARIA 5Meliá 1Meliá1SOL 4GREECE 3PREMIUM1Meliá1SOL 1PORTUGAL 12Meliá 5Tryp 7CHINA 1EGYPT 4CAPE VERDEPremium 1Meliá2SOL 21MELIÁ 1ITALY 3VIETNAMMeliáMELIÁ 1121TANZANIA 1MALAYSIA 1Meliá 1FRANCE 7Meliá3Tryp 3MELIÁ 11INDONESIA 4Premium 1MELIÁ 10CLUB MELIÁ4Diversification by 03%18.30%15,45014,95414,092Rest of 3TOTALDiversification by regionDiversification of client stays by home 27.92%28.37%22,39121,94821,834Rest of 8,59876,94420102009Spain24.65%26.86%35.2%United .7
Message from the ChairmanDear friend,Once again, this year’s Meliá Hotels International Sustainability Report provides a new chance totake stock of our management performance and present the results to all our stakeholders. As weall know, it has been another complicated year, one that was initially expected to be transitional inpreparation for the new 2012-2014 Strategic Plan, but which has nonetheless posed huge challengesand presented opportunities which, I am pleased to report, we have responded to responsibly.We began by tackling a process of major internal reorganisation to adapt to new strategic challengesand circumstances. New business areas emerged and existing areas were strengthened, such as theAsia-Pacific and Leisure Real Estate areas. Both are fundamental to ensure the international growththat we need to optimise our asset management and guide our business model to become an evermore eminent hotel management company.The new structure also enabled us to reinforce strategic areas such as the Strategic Planning Groupand the Human Resources Group, and to improve efficiency in the Hotels Area by combining brandand region criteria. Once the main paths of the 2012-2014 Strategic Plan had been defined, the wisdom of these changes became increasingly clear in terms of aligning the organisation with the strategythat should guide our way for the next three years.Progress continued, and in June the company presented to all its stakeholders the new corporatebrand, Meliá Hotels International, which reflects our need to remain current and internationalise. Ournew brand was warmly welcomed both inside and outside the company, and the process went handin hand with a review and strengthening of the corporate mission and values, which were definedwith the help of all our stakeholders bearing in mind what they expect from the new Meliá HotelsInternational.With regard to the pledges of improvement we made in last year’s report, I would like to highlightadvances such as the design of the company’s ethical code, the measurement of our carbon footprint,the fulfilment of our pledges to UNICEF and the inclusion of the ONCE Foundation as an expertpartner on matters of accessibility and as a source to recruit disabled individuals and help them integrate into society and the workplace. This once again shows the power of our Annual Report as anengine of change and constant improvement in our management.In 2011 we also continued working to improve the quality and traceability of the information included in the report: whereas in 2010 the report was submitted to independent external verification, this time the verification was conducted in accordance with version 3.1 of GRI guidelines. Wehave made headway in one of our biggest challenges, to extend the scope to international data. Forthe first time, we performed a study of materiality, analysing the criterion used to choose relevantinformation for the company and its stakeholders. You can find a study of the fascinating conclusionsin the appendices of this report.Regarding human resources management, it is important to remember that in the present globalclimate factors such as job maintenance become critical. For this reason, I am proud to announcethat despite the crisis and thanks to our international expansion, in 2011 we managed to increase ourglobal staff from 35,728 to 36,622 employees.6Meliá Hotels International Sustainability Report 2011
I am also pleased to note that the study conducted on the working climate, commitment and cultureshowed immense commitment to the company’s success and results among associates, a high degreeof identification with our values and an overall pride in belonging to a company that is thought ofas solid, prestigious, innovative and open to constant improvement. Our company’s commitment toresponsibility and sustainability are once again among the aspects receiving the highest levels of positive assessment.In the section on economic-financial management, meanwhile, the 2011 results show that despitecurrent economic difficulties – which are particularly acute in Spain – Meliá Hotels International hasimproved in important business factors such as a 9% rise in RevPAR (average income per room), a6.8% rise in revenues and a 4.4% rise in EBITDA in both owned and rented hotels. We also managedto lower our debt by 170 million and keep a comfortable level of liquidity, as we have renewed theamounts of all of our credit policies.Forecasts for the current financial year are positive for regions such as European Cities, the Caribbeanand Latin America – especially Colombia and Brazil –, and China and Southeast Asia, in contrast to thedownturn in secondary cities in Spain. This dual scenario endorses the content of our Strategic Plan,as it establishes two speeds based on the current economic juncture that Spain and other parts ofthe Euro zone find themselves at, and the remaining developed economies and emerging countries.The new Strategic Plan will entail a highly important qualitative leap in terms of internationalisation and moving towards what is a fundamentally a management – rather than proprietary – hotelbusiness model, while retaining the positioning on sustainability as one of the key strategic levers toensure that Meliá Hotels International can attain its objectives. This positioning must also be one ofthe factors behind our international expansion and one of our values as hotel managers, given therising importance of sustainability-related criteria among investors and consumers alike.We hope that once again this Sustainability Report and the commitments, challenges and areas ofimprovement that it reflects are the best incentive for everyone, both in the company and among itsnumerous stakeholders, to continue making our utmost effort to become a benchmark in sustainability in the tourism industry.Meliá Hotels International Sustainability Report 20117
1 Sustainability at Meliá Hotels InternationalMeliá Villaitana Spain1.1Sustainability Vision and MissionA commitment to the environment, the dissemination of local culture and the contribution tosociety have always been present in the fundamental values of Meliá Hotels International. Aspart of the 2008-2010 Strategic Plan, it was included as strategic guideline to begin to makeheadway in this direction.The first milestone wasdefining the Sustainability Policy of Meliá HotelsInternational (see Appendix 1 – Global Sustainability Policy). In the new 2012-2014 StrategicPlan, sustainability has become a strategic leverwhich is integrated into and impacts all the strategic guidelines in a cross-cutting fashion.the backbones of the business model, since it ensures the sustainable creation of economic value.We thus seek to foster a sustainable businessmodel which will lead the company’s stakeholders to choose it because it is a responsible hotelcompany.Therefore, sustainability is also intrinsically associated with the relationships and dialogue with ourstakeholders. Getting to know them, listening tothem and engaging in dialogue with them is oneof the company’s key processes.Thus, as a crucial ingredient of Meliá Hotels International’s positioning as a company in boththe present and future, it is regarded as one of8Meliá Hotels International Sustainability Report 2011
Vision of Sustainability in Meliá Hotels InternationalSTRATEGICOBJECTIVESLONG TERMSTRATEGICOBJECTIVESMedium termTo foster Meliá HotelsInternational’s sustainablebusiness model and get ourstakeholders to choose usbecause we are a responsiblehotel companyAREASTo create value for all ourstakeholdersCorporate DiplomacyCreating value forMeliá Hotels ONRELATIONSPRESENCEAWARENESSAND INVOLVEMENTPROCESSES ANDSYSTEMSLOCAL ACTIONMEASUREMENTEVALUATION· GRI REPORT· GLOBAL COMPACT· FTSE4Good IBEX· CHB CERTIFICATIONOUR VISIONWe contribute to the (sustainable) development of the communities in which we operate and the people living in themBuilding our legacyCorporate DiplomacyThe concept of Corporate Diplomacy (CD)arose when a need was seen to listen to stakeholders and open up an interface with them tolearn more about their expectations regardingMeliá Hotels International.Corporate Diplomacy has to represent stakeholders before the different areas of the Com-pany, ensuring that their voices are heard andtaken into account. Likewise, it also helps MeliáHotels International appropriately represent itsinterests and strategic concerns before stakeholders.To achieve these objectives, the company has released its own dialogue model with its stakeholders: MELIÁ REACH .1.2 The REACH model: Systematic work with stakeholders:REACH is an acronym which not only has connotations of closeness (‘reaching’ closer), it alsoharbours the concepts of “Recognises”, “Acknowledges”, “Answers” and “CHanges”. Theseconcepts, in this order, describe the phases in thedialogue process.Meliá RECOGNIZESThe first phase defines the stakeholders, wherethey are and how we can reach them. MeliáHotels International has a database with aqualified network of people representing itsuniverse of stakeholders. Meliá Hotels International’s seven stakeholders are: customers,employees, owners, investors, suppliers, societyand the environment.Meliá ACKNOWLEDGESIn this second phase, Meliá Hotels Internationalprepares meeting points with its stakeholders.The main source of active listening is called theMeliá Hotels International Panel of Experts onSustainability.The results from this active acknowledgementenable us to build the bridges required to allowMeliá Hotels International to be an open company, willing to integrate its stakeholders’ expectations in its management.Meliá ANSWERSMeliá Hotels International is growing in its knowledge of the expectations of its stakeholders, andMeliá Hotels International Sustainability Report 20119
in this way it is able to build a specific value proposal for each one.Meliá CHANGESIn this phase, the goal is to transform the proposals into actions, adapting the company’s policiesand activities to the stakeholders’ expectations.The implementation of these proposals is theresponsibility of the different management areas.This change can at times generate closer relations which become a formal partnership or ajoint effort on projects with organisations fromcivil society.1.3 The Panel of Experts 2011What have the panels held so far dealt with?In 2011, 5 panels were held with the stakeholders: 2 thematic panels, 1 international expertpanel and 2 expert panels.Panel on ChildhoodThis panel brought together 8 external expertsand 9 internal experts to determine the challengesand actions to be conducted on childhood mattersand to strengthen the company’s agreement withUNICEF.The issues discussed included: Presenting the sustainability model and thechallenges in childhood matters. Identifying all the challenges to be consideredfor Meliá Hotels International for a properpolicy on childhood matters. Prioritising the most pressing matters according to the judgement and experience of thepanellists, and identifying the key actions andrecommendable actions to be performed foreach possible challenge. Sharing the practices or referents which canbe recommended to Meliá Hotels International on childhood matters.Participating panelists:Internal: Marketing Group Legal & Compliance Activities Meliá Marketing Sol Brand Human Resources Strategic Purchasing Group Human Resources Sustainable Development Global Sales10External: Head of Communication and Sustainability ofIKEA Ibérica Director of Marketing Services and Institutional Relations (Arbora & Ausonia) Director of Social Responsibility of Mango Director of Social Responsibility and Sustainability Institutional Relations and Corporate SocialResponsibility of Entreculturas Director of Security of Telefónica Director of UNICEF España UNESCOThe Expert PanelWhat is it? The Expert Panel is a forum for dialogue and trust made up ofdifferent stakeholders and high-rankingrepresentatives of the company, wherethey can talk freely in the quest forcommon interests.What is it for? The panel has a series ofspecific functions, including: Advising on the promotion, execution and development of relationships and commitments with MeliáHotels International’s stakeholders. Assessing the company’s action plansin sustainable development and social responsibility. Facilitating interlocution, dialogueand communication between civilsociety and the Meliá Hotels International group. Sharing the panel’s reflections or recommendations with the Administrative Council. Sharing opinions, assessing and helping the Institutional Office in the specific processes of corporate dilemmas brought to its attention.The Panel on Childhood detected and prioritised51 strategic challenges on childhood matters and21 proposals for action, and it identified 14 goodpractices.Panel on DisabilityThis panel brought together 8 external expertsand 9 internal experts to determine the challenges and actions to be conducted on disability matters and to strengthen the company’s agreementwith UNICEF.The following issues were discussed: Presenting the sustainability model and thechallenges in disability matters. Identifying all the challenges to be consideredfor Meliá Hotels International for a properpolicy on disability matters. Prioritising the most pressing matters according to the judgement and experience of thepanellists, and identifying the key actions andrecommendable actions to be performed foreach possible challenge. Sharing the practices or referents which canbe recommended to Meliá Hotels International on disability matters.Meliá Hotels International Sustainability Report 2011In 2011, 5 panelswere held with thestakeholders.
The participating panellists included:Internal: Human Resources EMEA Personnel Administration Strategic Purchasing Legal & Compliance SVP Tryp Brand Hotel Meliá Castilla Hotel Tryp AtochaExternal: Spanish Committee of Representatives of Individuals with Disabilities (CERMI) CNSE Foundation (State Confederation ofDeaf People) Servimedia journalist (ONCE Group) President of the Spanish Confederation of Organisations in Favour of Individuals with Intellectual Disabilities (FEAPS) Sales Director of Fundosa Accesibilidad ONCE Foundation Programme Director of InsertaThe Disability Panel detected and prioritised54 strategic challenges on disability matters andidentified 16 good practices.Brazil International Expert PanelThis panel was held at the Hotel Meliá Jardim deEuropa (Sao Paulo, Brazil) on the 26th of October2011. The following issues were discussed: Introducing the Office and the Meliá REACH model, as well as how the company deals withsustainability, specifically in Brazil. Identifying and prioritising the challenges to betaken into account for an appropriate sustainability policy in Meliá Hotels Brazil. Conducting a final assessment by the panellistsand presentation of the conclusions.By holding the Brazil International Expert Panel,three objectives were met: The first expert panel outside Spain was successfully held and the methodology was successfully transferred. Numerous legitimate stakeholders for thecompany in Brazil were identified and contacted. Relevant challenges for the company in thezone were identified.External: Executive Director of Fundação Abrinq – Savethe Children Director of CEDECA BA Director of UNICEF Brasil President of the Associação Brasileira da Indústria de Hotéis (ABIH) Director of NURAP (minor apprentice) Director of Mackenzie University Coordinator of WWF President of the Ethos Institute / MEB Brazilian representative of UEBTThe Brazil International Expert Panel identified 59strategic challenges and agreed upon list of themost pressing actions.Panel of Experts (4th edition)This was held at the Hotel Gran Meliá Colón(Seville) on the 6th of April 2011. The followingissues were discussed: Description of the life and activity in the GranMeliá Colón Hotel in relation to sustainabilityand request for ideas for improvement fromthe panellists Outline of the headway made in Brand Equity and the Brand Equity dissemination modelamong the different stakeholders of the company that are affected the most (employees,owners and clients) Presentation and discussion of progress by theOffice and the identification and prioritizationof strategic initiatives Presentation of the conclusions of the workshop and assessments of the panellists andobserversPanel of Experts (5th edition)This was held in the Hotel Tryp Zaragoza(Zaragoza) on the 23rd of November 2011. Thefollowing issues were discussed: Discussion of the main headway made andknowledge of the local culture Presentation and discussion of progress by theOffice and of the new strategic plan Description of life and activity in the TrypZaragoza and Meliá Zaragoza Hotels Exercise on materiality to ascertain the opinion of the stakeholders on the prioritisation ofrelevant issues Presentation of the conclusions of the day andassessments of the panellists and observersMeliá Hotels International Sustainability Report 201111
What results have the panel achieved?Thanks to the participation of its stakeholders,the Company: Is continuing to hold panels in order to presentstrategies and issues of importance in an effortto continue to actively listen to its stakeholders Is getting to know stakeholders better in eacharea discussed Is getting to know better the expectations ofeach stakeholderSO5-1, 2 y 3 Can determine which issues are most relevantand highest priority Is getting clear ideas about what actions canbe takenShortly after the conclusion of each panel, a reviewis prepared and distributed to the panel membersand also to senior Company management.1.4 Institutional PresenceThrough its presence in different forums andevents, Meliá Hotels International aims tostrengthen its ties and relations with civil society,multilateral organisations, public administrationsand prominent individuals, such as opinion leaders.In 2011, it continued along the same lines as in2010, keeping up its institutional presence in organisations related to sustainability, social responsibility and academic world.1st International Congresson Ethics and TourismMeliá Hotels International supported and participated in the organisation of the First International Congress on Ethics and Tourism, alongwith the WTO and the Secretariat General ofTourism and Domestic Trade of Spain.The congress, which was held in September,brought together more than 450 tourism workers, business leaders, international organisationsand experts in the field of ethics and tourismto debate the way to guarantee the responsibility and sustainability of tourism. Issues were addressed like equality between men and women,the role of tourism in lowering poverty, sustainable development practices in both the publicand private sector and codes of conduct.12Global Code of Ethics for TourismAs part of the events of the first InternationalCongress on Ethics and Tourism, Meliá Hotels International joined the Global Code of Ethics forTourism, which contains a comprehensive seriesof principles designed to guide the key actors intourism development. Targeted at governments,companies in the sector, communities and tourists, its purpose is to help to expand the benefitsof tourism as much as possible while lowering toa minimum the possible negative consequencesthat it can have on the environment, the cultural heritage and the society all over the world.Adopted by the WTO General Assembly in1999, the Code of Ethics earned official recognition from the United Nations in 2001.Global Sustainable Tourism CouncilOn the 30th of June 2011, Meliá Hotels International announced its adhesion to the Global Sustainable Tourism Council, an international organisationdevoted to promoting sustainable tourism whichadvocates a series of universal principles – calledGlobal Sustainable Tourism Criteria – to ensure responsible management of tourism destinations.The Global Sustainable Tourism Council is a nongovernmental organisation made up of 110 pro-Meliá Hotels International Sustainability Report 2011Meliá HotelsInternationaladhered to theGlobal Code ofEthics for Tourism.
fessional members from the industry representingall the regions of the WTO under the umbrellaof the United Nations. As a new ally, Meliá Hotels International will support the adoption ofthe Global Sustainable Tourism Criteria definedby the GSTC, which are organised around fourareas: sustainability planning, maximising the socialand economic benefits for the local community,fostering the cultural heritage and lowering thenegative environmental impacts.Academic PartnershipsOne prominent facet of our ties with the academic world is our participation in two case studies:one with the University of Pennsylvania’s Wharton School on the inclusion of Corporate Diplomacy into business processes and culture, andanother with the Department of Business Administration in the Faculty of Economics and Businessat the University of Cantabria, which consists of aqualitative study on corporate social responsibilityin the hotel sector.Promotion of the ECPAT CodeMeliá HotelsInternationalencouraged prominentSpanish companies inthe tourism sector tojoin the ECPAT CodeAs part of the agreement with UNICEF andMeliá Hotels International’s positioning on social responsibility matters, two formal meetingswere held, led by the Vice President of the company, Sebastián Escarrer, to encourage prominentcompanies in the tourism sector to join the ECPAT code as well. Thanks to these meetings, apre-agreement has been signed which in mostcases materialised in the Ethical Code SigningCeremony hold on the 16th of September 2011.Relations with the Public AdministrationThe Vice President of the company, Sebastián Escarrer, was invited to the meeting held with the leadingtourism businesses in Spain called by the Presidency of the government. The subject of this meeting,which was held on the 26th of March 2011, centredaround possible solutions for overcoming the globaleconomic crisis of recent years and its specific consequences on the Spanish economy.Map of institutional presence of Meliá Hotels statal RSECSRSUSTAINABILITYINDUSTRYINVEROTELMeliá Hotels International Sustainability Report 201113
Meliá Hotels International Sustainability Decalogue1. We aim to incorporate the values and principles associated with sustainable development to our business processes and our relationship with all our stakeholders.2. We aim to get closer to our stakeholders, to listen to them and get to know them better; and to achievethis we need to have an open and approachable attitude.3. We trust that we may act as a platform for all of our stakeholders and we are prepared to be a proactiveplayer, providing cooperation and support for the different social agents in the search for solutions.4. We must work to achieve a balance between the needs of the current generation and those of futuregenerations, a balance between economic, socio-cultural and environmental development and the preservation of destinations, and balance in the satisfaction of the demands of our different stakeholders.5. We will identify the environmental impact of our operations, reducing it and helping preserve biologicaldiversity in the destinations in which we operate. We will seek energy efficiency and the responsible useof resources.6. We understand that our operations must contribute to reducing social differences and poverty throughopportunities for mutual economic growth with local communities.7. We must to be sensitive to the social needs of our employees and share our commitment with themtaking into account their concerns about solidarity.8. We are committed to the conservation of the tangible and non tangible cultural heritage of the communities in which we operate. We will be fully involved in the local community, respecting and defendingtheir heritage as if it were our own.9. We aim to involve our guests in all of our environmental, cultural and social activities, taking particularcare of our influence over the younger generations.10. We expect our suppliers to adopt a policy of constant improvement in regard to the integration of sustainability criteria in their business processes, such as social justice, reducing their environmental impactand the economic development of destinations.1.5 Public CommitmentsMeliá Hotels International has four workingstrands that represent the confluence of theexternal dimension of sustainability and socialresponsibility with the internal and more operative dimension. All four are focused on constantimprovements. These four public commitmentsare the following:The process of earning Biosphere Certificationis renewed annually and involves constant improvement in the processes and systems thatsupport the inclusion of sustainability. Furthermore, it constantly helps to identify opportunities for improving procedures.Sustainability ReportBiosphere CertificationIn November 2009, the Institute of ResponsibleTourism, endorsed by UNESCO, granted MeliáHotels International certification as a BiosphereHotel Company.Status as a Biosphere Hotel Company is grantedto companies that foster the social, cultural, economic and environmental development of theregions
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1.3. Why Develop a Sustainability Plan? 5 1.4. Relationship to Other ICLEI Tools and Programs 6 1.5. Lessons Learned from NYC 7 2. Scope of a Sustainability Plan 8 2.1. Sustainability Plans vs. Climate Action Plans 8 2.2. Typical Elements of a Sustainability Plan 10 3. Overview of the Five Milestones for Sustainability 11 4. Forming a Team 16
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approach to sustainability and sustainability communications. Please send your feedback to: Zuellig Pharma Sustainability Team sustainability@zuelligpharma.com BOUNDARY AND SCOPE The information contained in this report pertains to the period January 1 to December 31, 2020 and covers Zuellig Pharma's operations across 13 markets. Where .
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