May 4, 2020 / 8:10 AM / in 22 days

BRIEF-Solar Company Recommends Allocating 2019 Net Profit To Supplementary Capital Due To COVID-19

May 4 (Reuters) - Solar Company SA:

* SAID ON THURSDAY THAT IN RECENT WEEKS THE COMPANY HAS RECORDED INCREASED SALES IN E-COMMERCE CHANNEL WHICH CONSTITUTES FOR ITS MAIN SOURCE OF CASH

* IN APRIL ITS REVENUE ACCOUNTED FOR 22% OF PREVIOUS YEAR’S LEVEL, WHICH HAS NEGATIVE IMPACT ON THE COMPANY’S CURRENT LIQUIDITY

* THE COMPANY’S MANAGEMENT HAS RECOMMENDED TO ALLOCATE 2019 NET PROFIT TO SUPPLEMENTARY CAPITAL

* AFTER CONCLUDING AN AGREEMENT WITH THE EMPLOYEES’ REPRESENTATIVES ON THE CONDITIONS OF DOWNTIME AND 20% REDUCED WORKING TIME STARTING FROM APRIL 1, THE COMPANY FILED MOTION FOR PAYMENT FROM THE GUARANTEED EMPLOYEE BENEFITS FUND FOR CO-FINANCING OF THREE-MONTH SALARIES OF EMPLOYEES; THE COMPANY HAS ALREADY RECEIVED ADVANCE PAYMENT FOR THE FIRST MONTH IN THE AMOUNT OF 1 MILLION ZLOTYS

* THE COMPANY IS APPLYING FOR FINANCING USING BGK GUARANTEES FROM THE GUARANTEE FUND LIQUIDITY AND ALSO PLANS TO USE THE RELIEF PACKAGE AND OTHER POSSIBLE FORMS OF SUPPORT

* COMPANY’S MANAGEMENT HAS DECIDED TO LIMIT THE QUANTITY OF AUTUMN-WINTER PRODUCTION

* THE COMPANY SEES NO THREAT IN THE AREA OF PRODUCTION IN CHINA

* SAYS THAT THE PRODUCTION IN POLAND WILL DEPEND ON THE CONDITION OF INDIVIDUAL SEWING PLANTS WHICH IS INFLUENCED BY THE CURRENT MARKET SITUATION

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Further company coverage: (Gdansk Newsroom)

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