LHV Institutional Baltic Insight, March 17th, 2021
* Novaturas AB (NTU1L LH) has been one of the hardest-hit Baltic companies due to the COVID-19 pandemic. The Company reported its February 2021 turnover of EUR 1.5m (-86% y-o-y). The number of clients plunged to 2.5k (-81% y-o-y) in February 2021.* Although many of the Company’s customers chose travel vouchers (instead of refund) worth EUR 1.5m, the Company (along with its subsidiaries) has received refund requests amounting to EUR 9.3m. The Company started a refund process already in June 2020, and as per the announcement dated the 15th of February, it has already returned EUR 8.4m, while the remaining amount was planned to be refunded by the end of February 2021.
* In order to settle with travellers and manage its cash flows, the Company actively worked with the governments and responsible institutions of all the Baltic States, which resulted in the favourable outcomes mentioned in the attachment.
Novaturas AB is a Lithuania-based company, which is engaged in the provision of travel services in the Baltic countries. The Company operates through three divisions: All Inclusive vacation packages around all time year; Sightseeing tour by coach and plane to approximately 30 destinations across the world, as well as ski trips. It also offers airline tickets and hotel accommodations. It sells tours through travel agencies and its Website.
LHV Bank is an independent pan-Baltic bank, based on Estonian capital. The company was founded in 1999 by two founders of Hansapank (today’s Swedbank in the Baltics) and has been offering a full range of investment services for 15 years. In May 2009, LHV received a credit institution licence allowing it to provide all banking services.
The head office is situated in Tallinn, Estonia. Cross-border services are offered in Vilnius, Lithuania and in Riga, Latvia. LHV provides brokerage (institutional and retail), asset management, banking and capital markets services. Compared to other banks, we are more innovative and have more solid experience in investment and entrepreneurship.
The Bank, together with the Group asset management company employs over 320 people. LHV Group shares are listed on Nasdaq Tallinn.
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