Brief: Sats Temporarily Closes All Clubs In The Nordics

Sats ASA

13/03/2020 15:25

March 13 (Reuters) - SATS ASA  SATSA.OL :
    * WITH ASSUMPTION OF A 14-DAYS CLOSURE IN ALL NORDIC
COUNTRIES,
COMPANY ESTIMATES NEGATIVE EFFECT ON ADJUSTED EBITDA BEFORE
IMPACT OF IFRS 16 TO BE APPROXIMATELY NOK 150 MILLION IN MARCH
    * COST REDUCTION IS LIMITED IN SHORT TERM, DUE TO BINDING
CONTRACTS
    * COMPANY IS WORKING ON TEMPORARY LAY-OFFS IN NORWAY, BUT
TOTAL
SALARY EFFECT IS LIMITED BOTH IN SHORT AND MEDIUM TERM DUE TO
COUNTRY LABOUR REGULATIONS IN SWEDEN, FINLAND AND DENMAR
    * ESTIMATES TAKE INTO ACCOUNT SUPPORTING INITIATIVES RELATED
TO
COVID-19 FROM NORWEGIAN GOVERNMENT, AND COMPANY EXPECTS ACTION
FROM REMAINING NORDIC GOVERNMENTS TO REMEDY

Source text for Eikon:  ID:nObinGKQca 
Further company coverage:  SATSA.OL 

 (Gdansk Newsroom)
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