Apranga Group interim information for the six months of 2020
The retail turnover (including VAT) of Apranga Group was EUR 86.7 million in 1st half 2020 or by 20.2% less than in 2019. The unaudited consolidated loss before income tax of Apranga Group amounted to EUR 0.5 million in the six months of 2020, while the Group has made the profit of EUR 3.7 million in the same period of 2019.
Based on the Government of the Republic of Lithuania act regarding quarantine declaration, from 16th March 2020 until 18th April 2020 all Apranga Group stores in Lithuania were closed due to epidemic coronavirus (COVID-19) infection (stores in supermarkets were closed until 25th April 2020). Also, according to the resolution of the Government of the Republic of Estonia, all Group stores operating in shopping malls in Estonia were closed from 27th March 2020 until 11th May 2020. From 28th March 2020 until 16th May 2020, stores in Latvia operating in shopping malls could not work on weekends. These temporary store closures had a significant impact on the Group's generated turnover, earned profit and, accordingly, financial ratios for the first half of 2020. Management estimates that due to the COVID-19 pandemic and the temporary closure of stores, the Group lost about EUR 30-32 million of turnover (including VAT), did not receive about EUR 13-14 million of gross profit and did not earn about 4-5 million of profit before income tax in March-May 2020.
EBITDA of Apranga Group totalled EUR 10.2 million in the six months 2020 and decreased by 22.8% comparing to corresponding the year 2019 period.
The unaudited interim consolidated financial statements and consolidated interim report of Apranga Group for six months of 2020, as well as managers’ confirmation letter are ready for acquaintance in the attachment. The interim information is also available at: .
Rimantas Perveneckas
„Apranga“ Group General Manager
Attachments
