Announcement: Supplementation of the 2020 Semi-Annual Financial Report on the measures taken to reduce the impact of coronavirus pandemic (COVID-19)
INTRALOT informs that in the context of the correct, valid and timely information of the investing community and following the letter of the Hellenic Capital Market Commission dated 27/10/2020, notified on 30/10/2020, regarding the measures taken to reduce the impact of coronavirus pandemic (COVID-19), proceeds to supplementation of the section "Coronavirus (COVID-19) Pandemic Impact" of the Semi-Annual Board of Directors Management Report, as well as note 2.25 "Coronavirus pandemic (COVID-19) impact” of the Interim Financial Statements included in the 2020 Semi-Annual Financial Report. The above updated disclosures are as follows:
The Company’s best estimate pandemic impact for 2020 remains in the range of €25-28 million at Group’s EBITDA level.
Apart from assessing the top line impact, our focus has also been to utilize all available measures that could help alleviate the impact of the pandemic. On that front, our FY EBITDA impact estimations, incorporate the benefits of Group subsidiaries enrollment to all applicable governmental support programs related to personnel furloughs. Besides, furlough support schemes, the Group has also undertaken measures to contain operating expenses across its operations, such as negotiation of supplier terms or restriction of all travelling to the utmost essential for the duration of 2020.
Furthermore, we have also focused on securing our liquidity utilizing different governmental support programs across jurisdictions. We are in close collaboration with our clients as to assess their needs and help them weather the pandemic impact but also to achieve the deferral of planned investments of up to €12m.
The health and safety of our team remains our top priority. With this in mind, we have immediately complied with all measures imposed by local governments. For instance, INTRALOT SA following the March lockdown in Greece has instantly transitioned into an expanded work from home regime, with close to 70% of its employees remaining under a work from home scheme when the first lockdown was lifted, where governmental standards were close to 50%; physical meetings have been replaced by virtual ones and new employee onboarding processes are conducted online across the Group, without affecting the performance and quality standards of the Company.