The unaudited consolidated profit before income tax of Apranga Group amounted to EUR 5.7 million for 12 months of 2020, while Apranga Group has made the profit of EUR 11.0 million in the same period of 2019 (the decrease by 48%).
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. Also, from 16th December 2020, all the Group’s stores in Lithuania are temporarily closed. In Latvia, the stores are temporarily closed from 19th December 2020 (until then, from 14th November 2020, trading on weekends was prohibited in Latvia). These temporary store closures had a significant impact on the Group's generated turnover, earned profit and, accordingly, financial performance. Management estimates that due to the COVID-19 pandemic and the temporary closure of stores, the Group lost about EUR 58-60 million of turnover (including VAT) and did not earn about 5-6 million of profit before income tax in 2020.
EBITDA of Apranga Group reached EUR 27.1 million for 12 months 2020 and decreased by 10 percent comparing to corresponding the year 2019 period.
The unaudited interim consolidated financial statements of Apranga Group for 12 months of 2020, as well as managers’ confirmation letter are ready for acquaintance in the attachments. The interim information is also available at: http://aprangagroup.lt/en/investors.
Rimantas Perveneckas
„Apranga“ Group General Manager
+370 5 2390801
Attachments
