Silmäasema Oyj: Silmäasema anticipates that coronavirus will weaken the company’s outlook

Silmäasema anticipates that coronavirus will weaken the company’s outlook

Silmäasema Oyj

Stock Exchange Release - Inside information

19 March 2020 at 7.00 p.m. EET



Silmäasema anticipates that the spread of the coronavirus epidemic, along with the recommendations and orders issued by the government, will have a significant impact on consumer behaviour. This will be reflected significantly in Silmäasema's business and outlook in the short term.



“It is impossible to estimate the economic impact of coronavirus, but it is certain that it will have a considerable impact on Silmäasema's operations in the short term. In the longer term, significant matters will be the duration of the epidemic, how much Finland's GDP will decline, and how much of an impact this will have on consumers' confidence in their own finances,” says Teppo Lindén, CEO of Silmäasema.

Silmäasema will publish its fourth quarter and full year results on 31 March 2020. The company will not issue an outlook for 2020, as it is impossible to assess the business impact of the coronavirus in sufficient detail at this stage. However, it is clear that the outlook has weakened.

Silmäasema sent out invitations to co-operation negotiations on Tuesday 17 March 2020 to the personnel of Silmäasema Optiikka Oy and Silmäasema Sairaala Oy. In total, 775 employees in stores, eye clinics and administration come under the scope of the co-operation negotiations. The negotiations mainly concern layoffs. 



“Any possible layoffs would be implemented in a staggered way, to ensure that we can continue to provide our customers with the most comprehensive service possible for all their vision and eye healthcare needs. The restrictions resulting from the coronavirus epidemic are of particular concern to elderly people, who are an important customer group. We are currently building new service models which will be of assistance especially in this exceptional situation,” says CEO Teppo Lindén.

SILMÄASEMA OYJ





For further information, please contact:

CEO Teppo Lindén, tel. 9

CFO Sari Nordblad, tel. +358 50 552 7247

Head of Communications and Investor Relations, Niina Streng, tel. +358 50 322 5195



Silmäasema is a Finnish company, which offers all products and services for optical retail and eye healthcare nationwide. Silmäasema is the largest private eye clinic provider offering eye surgeries and the second largest optical retail chain in Finland. The Silmäasema chain has nearly 150 stores and 13 eye clinics in Finland as well as eight stores in Estonia. The Silmäasema chain employs over 1,000 eye healthcare professionals. The Silmäasema Group’s net sales were EUR 122.9 million in 2018 and adjusted EBITDA was EUR 11.8 million.