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     147  0 Kommentare Regarding publicly available information about “Novaturas” attracted financial support

    In 2020, due to the coronavirus pandemic, AB “Novaturas” operated under crisis conditions. Compared to 2019, the number of passengers served by the company decreased by 86.8%, and the number of operated charter flights decreased by 85.8%. In response to the extraordinary situation, the company initiated a consistent implementation of crisis period program: actively cooperated with the government, state institutions, financial partners. Attracted financial support, loans, and drastically reduced costs allowed the company to ensure the continuity of operations and start 2021 on a optimistic note.

    Nevertheless, the unfounded fears of other representatives of the tourism sector in the public media about the allegedly excessive state’s support to the company during this crisis period are attempts to present this achievement as a possible violation of the Competition Law. It is stated that “Novaturas” has been allocated as much money as it is needed by the companies of the entire sector. The company dissociates from unsubstantiated information disseminated by other representatives of the tourism sector and, considering the reputational risk, repeatedly presents financial aid measures received in 2020.

    "Naturally, being the market leader, you always find yourself under a magnifying glass, where all the company's actions receive a lot of attention. Still, we want to distance ourselves from unfounded criticism from others in the tourism sector and emphasize that received state support accounts for only 2% of secured financial background. The remaining part was accumulated by attracting various types of loans, which “Novaturas” will have to repay in the future”, – says Audronė Keinytė, head of “Novaturas” group.

    Agreed on loans worth EUR 8.5 million

    The company clearly emphasizes that “Novaturas” has secured financial stability by received loans amounting up to EUR 8.5 million. The company undertakes to pay interest on the loans granted – it costs the company, contrary to what is stated in public.

    Received loans:

    • A long-term loan of EUR 5 million received from “Luminor” Bank under the Investment and Business Guarantee Fund “Invega” measure “Guarantees for Portfolio Loans”.
    • EUR 2,404 thousand euros loan from “Invega”, to refund travelers whose trips have been cancelled due to the pandemic. The state in total allocated EUR 15 million for this measure.
    • During the pandemic, tax loans were received from the Tax Authority (EUR 940 thousand) and Social Insurance Fund (EUR 150 thousand).

    10-million-euro investment in liquidity security

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    Regarding publicly available information about “Novaturas” attracted financial support In 2020, due to the coronavirus pandemic, AB “Novaturas” operated under crisis conditions. Compared to 2019, the number of passengers served by the company decreased by 86.8%, and the number of operated charter flights decreased by 85.8%. In …