Today, the Latvian entity of the Novaturas Group (SIA “Novatours”) in Latvia signed an agreement with the Altum State loan guarantee program for a loan of 1 million euros over 3 years. The loan is used to secure the liquidity of the Company.
The Novaturas group in other Baltic markets continues to engage in dialogue with state institutions on potential support measures for tourism businesses affected by restrictions caused by COVID-19.
The Company continues to suspend travel to all markets. The Novaturas Group bases its assessment of possible future scenarios on the decisions taken by the responsible authorities. The Novaturas Group is ready to relaunch its operations this summer, as soon as the restrictions and aviation are lifted, the accommodation partners are ready to ensure the safety of travelers.
About the Novaturas Group
The Novaturas group is the leading tour operator in the Baltic States. Since March 21, 2018, Novaturas shares have been double listed on the Warsaw Stock Exchange and on the Nasdaq Vilnius.
Novaturas was established in 1999, became the market leader in the Baltic States in 2004. Besides the Baltic States, Novaturas has started to offer its products in Belarus, where they are retailed through local partners.
Novaturas continues to attract new customers thanks to its attractive and diversified offer and the high quality of its services. The Group offers summer and winter package holidays as well as sightseeing tours by coach or plane to more than 30 destinations around the world, including the most popular seaside resorts in Southern Europe as well as selected destinations in South Africa. North, Middle East, Asia and Latin America. America.
The Group’s strategy also aims to maintain diversified and complementary distribution channels. Novaturas works with more than 400 travel agencies, including all the main agencies in the Baltic States. It also operates its own retail offices in the main cities of Lithuania, Latvia and Estonia, and invests in the development of its e-commerce channel.
The Company’s lean business model, characterized by strong cash flow from operating activities and low capital expenditures, enables it to pay a large portion of its profits to its shareholders. The payment of regular dividends is one of the key elements of the Company’s strategy. Each year, the Management Board plans to offer 70 to 80% of the Company’s net profit for distribution.
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