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JSC Latvijas balzams announcement on the impact of coronavirus (COVID-19) on the Company’s activities

In response to inquiries regarding the impact of the coronavirus (COVID-19) on the operations of JSC Latvijas balzams (hereinafter also referred to as the “Company”), the management of the company informs that all necessary security conditions have been met in all JSC Latvijas balzams territories. The company continues the production process and the global trade flows, but there is a decline in orders in export markets and in the duty-free zone, which has become almost inactive due to tourism restrictions.

At the moment, every effort is made to ensure continuity of business and services provided to JSC Latvijas balzams clients. The management of the Company indicates that the consequences of the pandemic will have a negative impact on the operations of the JSC Latvijas balzams, however, at present, it is not possible to disclose specific estimates of the Company’s financial results.

Likewise, the management of JSC Latvijas balzams wishes to emphasize that already at the beginning of the development of the situation a crisis management team has been established in the Company. Long before the suggestions and advice of the official institutions, JSC Latvijas balzams restricted the international travel of its employees and denied external visits to its production facilities and warehouses.

With the spread of the virus, it is mandatory to measure body temperature at the office of the JSC Latvijas balzams, as well as in production units and warehouses, when all employees arrive at the workplace. Hand sanitizers, disposable gloves, respiratory masks and information materials are also available at Latvijas balzams territories. All employees are instructed on how to deal with incoming foreigners form potential risk areas, however, such situations are reduced to a minimum or even zero.

Responding to the call of the Ministry of Health of the Republic of Latvia for entrepreneurs to find the necessary and missing disinfectants, JSC Latvijas balzams will start production of a hand and surface disinfectant based on the World Health Organization recipe already this week. The company will make sure that this product is available in major retail chains as soon as possible. The Company is also committed to providing sufficient disinfectant for hospitals and other institutions where hand disinfection is a major issue.

The management of JSC Latvijas balzams believes that the Latvian government is making substantial and necessary restrictions to reduce the risk of the virus spreading. The Company’s management is convinced that steps taken by the government are the right ones and only by working together will it be possible to limit the spread of the virus.

JSC Latvijas balzams
Chairman of the Management Board
Intars Geidāns