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2020 09 15

Preliminary financial results for 8 months of 2020

The leading tour operator in the Baltic States Novaturas Group, has started refunding for the trips that have been cancelled due to the pandemic in July. Up to date, the Company has refunded EUR 4.3 million group wide.

“We are one of the first to have started refunds for the travelers whose trips were cancelled due to COVID-19. In Lithuania we have received EUR 1 million long-term loan, while in Latvia we have signed an agreement with the state loan guarantee program Altum for a 3-year loan of EUR 1 million. Additionally, in all three markets we have requests for refund that amount up to 1.6 million euros. This amount might increase by the end of the year depending on the fact how many planned flights we will be able to execute. In order to be able to fulfill these obligations, the role of the Government is extremely important", says Audronė Keinytė, CEO of Novaturas Group.

Novaturas Group turnover in 2020 August reached EUR 2.9 million and was 83% lower than the same time last year. Cumulative January-August turnover reached EUR 28.8 million and was 75% lower than the corresponding time last year.

In August 2020 Novaturas Group served 5.7 thousand clients – 82% less than in the corresponding period last year. During January-August the Company served 41.5 thousand tourists, 79% lower than last year.

In August the Company executed organized trips to Greek and Tunisian resorts in all Baltic countries. "The majority of August program we have operated from Estonia, the Estonian travelers went on their summer holidays to the resorts of Crete, Rhodes, Tunisia and the Tunisian island of Djerba. In Lithuania we have operated flights to Crete, Rhodes and Corfu until the 19th of August and there was also one flight to the Calabria region of Italy. Due to different restrictions applied in the countries, we were able to operate flights from Latvia to Crete only until the 16th of August. Travelers also planned their holidays in the Baltics”, explains A. Keinytė, the head of the Novaturas group.

Discussions with the responsible institutions that have started already in August about the unification of regulations both between the Baltic States and other European countries, have led to the fact that more travel destinations are opening up to Lithuania today. In September the Company has resumed flights from Lithuania to Cyprus. Flights to Cyprus will also be executed from Estonia. In September the limit for the incidence of COVID-19 has been increased up to 25 cases per 100 000 population. It allows the Company to resume flights also to other European Union countries. Flights to such popular holiday destinations as Turkey or Egypt can also be resumed if the list of third countries is expanded.

About Novaturas Group

AB Novaturas Group is the largest tour operator in the Baltic States, offering summer and winter package holidays in more than 30 destinations worldwide and more than 100 sightseeing routes. In 2019, the group served more than 293 thousand customers.