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

Solar SA

04/05/2020 09:09

May 4 (Reuters) - Solar Company SA  SOLP.WA :
    * 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 

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nEM1tWNx4a
    
 Further company coverage:  SOLP.WA  
   


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