|POLISH FINANCIAL SUPERVISION AUTHORITY|
|UNI - EN REPORT No||28||/||2021|
|Date of issue:||2021-04-28|
|Short name of the issuer|
|Novaturas Group financials for Q1 2021: restart of business|
|Official market - legal basis|
|art. 56. 1. 2 of Act on Public Offering.|
|Unofficial market - legal basis|
|Contents of the report:|
|In the first quarter “Novaturas” group main focus was dedicated to the resumption of operations in all the core markets to which the Company have been intensively preparing. In fact, 2021 holiday season this year has started not in January as usual, but since February, when the first planes took off to Tenerife resorts. In February, after a year's break, the Company was the first in the market to resume flights to the most popular winter holiday destination - Egypt. Holiday destinations portfolio was supplemented by United Arab Emirates and Maldives.|
The last month of the first quarter had the most significant impact on the first quarter results. In March, the group have served 6.4 thousand customers – 18% more than in the corresponding period last year. Group revenue in March amounted to 4.1 million euros and was lower only by 6% than the same time last year. The overall results for January-March this year are still lower than in the same period last year due to the existing restrictions. Because of the pandemic, the holiday season started a month later, the ski season was canceled, the supply of exotic holiday destinations shrank to two countries.
Despite all the restrictions applied to the tourism sector, the Company started 2021 holiday season with scheduled flight programs rather than separate flights, and in March even managed to increase activity volumes. Accelerating vaccination processes around the world, quick tourism sector adaptation to the new safe travelling reality, re-opening holiday destinations, the possibility of having so-called digital green certificate in the nearest future that will be valid in all the ES countries give optimism for the whole 2021 holiday season.
Positive first quarter profitability ratios
“Throughout the past year, we have consistently adhered to crisis program and took strict costs control measures. The first quarter of this year was no exception and it benefited in reduced operating expenses by 63% (1.05 million euros) if compared to the same period in 2020. After eliminating the impact of commissions and one-time expenses, we have reduced operating expenses by 52% compared to the same period in 2020. Costs control, continuous and active collaboration with our partners abroad in ensuring competitive service prices, timely made decisions on resuming operations, taken leadership in being the first in the market to open safe holidays, and, of course, people's strong desire to travel - all these factors had a positive effect on first-quarter profitability ratios. Net profit reached 0.2 million this quarter, while in the same period in 2020 and 2019 we suffered a loss of 0.4 and 0.1 million euros, respectively. EBITDA ratio this quarter was also positive and amounted to 615 thousand euros, compared to a loss of 190 thousand euros in the same period last year. Even in 2019 reached EBITDA result was more modest and amounted to 83 thousand euros”, says Audronė Keinytė, Head of “Novaturas” Group.
The first quarter of this year was also marked by two significant events. In February, the Company has agreed with the State Investment Management Agency on a 10 million euros investment in Company’s bonds. Funding is provided for a period of 6 years, after which “Novaturas” is committed to redeem the bonds. 10 million euros worth investment will reach the group using mixed financial instruments. Another important event – “Novaturas” group being one the firsts to have started refunding process for the trips that have been cancelled due to the pandemic - have successfully completed it in the first days of March. Group-wide the Company have refunded over 9.3 million euros to our travelers.
2021 holiday season is in full swing
In April, after a gap year, the Company have resumed flights from all the Baltic countries to the most popular summer holiday destination - Turkey. From the middle of May flights to Greek islands of Crete, Rhodes and Corfu will be opened. “Travelers are really looking forward for this popular summer holiday destination to be opened. Last year, when the restrictions have been lifted, Greece was the first country re-opened to our travelers, so they already had the chance to experience and test all the safety measures Greece government has taken upon to ensure their safe holidays. We are also planning flight programs to Bulgaria, Montenegro and Tunisia for the upcoming summer holiday season. Long-haul destinations of Seychelles, Bali or Maldives will also be available for our travelers this summer”, A. Keinytė shares planned upcoming operations.
Financial results of 3M 2021:
3M 2021 3M 2020 3M 2019
Revenue 5 571 23 363 28 806
Gross profit 1 617 2 535 3 559
EBITDA 615 -190 83
Net profit 191 -353 -148
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.
+370 687 10426
|Novaturas Group FS 3M2021 EN.pdf|
|Novaturas Group Q1 2021 Presentation EN.pdf|
|(fullname of the issuer)|
|NOVATURAS AB||Usługi inne (uin)|
|(short name of the issuer)||(sector according to clasification |
of the WSE in Warsow)
|+370 37 321 264||+370 37 321 130|
SIGNATURE OF PERSONS REPRESENTING THE COMPANY
|Date||Name||Position / Function||Signature|