Q1 of 2020 could be seen as a challenging quarter for Croatian companies with most companies observing both sales and net profit decreases, as a result of the ongoing Covid-19 pandemic. Sector wise, Food showed the best performance with Atlantic Grupa and Podravka witnessing strong results on the back of stockpiling. Tourism companies were quite affected by the halt in international and domestic travel, coupled with lockdowns of countries worldwide. Note that their results are not indicative of their performance, as most of their revenues are derived in Q3. It is also important to note that most companies recorded unrealized FX losses as a result of the depreciation of HRK to EUR. Depreciation of currency was a market reaction to potential loss of summer season and inflow of foreign currency, but in the meantime the local currency depreciation trend subsided to a certain extent.