Changes in investor calendar and impact of coronavirus (COVID-19) on Baltika Group
Baltika Group informs stock exchange about the current situation related with the outbreak of coronavirus (COVID-19) in the company's main markets in Estonia, Latvia and Lithuania.
Due to the extraordinary situation caused by the coronary virus and the evaluation of the negative impact on the financial position of Baltika Group, the approval of the audited Annual Report of 2019 (planned publishing date March 26, 2020) is postponed. Baltika Group will inform the stock exchange as soon as possible of the new date of publication of the annual report.
The governments of Estonia, Latvia and Lithuania have established emergency situations in the countries and measures have been implemented which also affect the daily operations of the company. Based on the decision of the Lithuanian government, all Baltika Group's brand stores in Lithuania were closed on March 16. We are considering closing stores in Estonia and Latvia.
At present, Baltika Group does not have major problems with the deliveries of goods, and there are few delays. The company is actively communicating with partners and different transportation options are considered for reducing potential delays.
Baltika Group will dedicate an even greater amount of resources to the online shop www.andmorefashion.com , where customers can shop contactlessly.
It is difficult to forecast sales figures for the coming months in these circumstances, but Group management estimates that COVID-19 coronavirus will have a significant negative impact on the company's financial results and liquidity position.
Member of the Management Board