Legal basis: The Article 17 item 1 of the MAR – confidential information.
The Board of Directors of the Issuer informs that at the moment, i.e. as at March 23, 2020, the Company fulfils all orders received on an ongoing basis, however, due to the dynamic situation related to the development of the epidemic, delays in their implementation may occur due to the following risk factors:
1) lack of continuity in supply chains,
2) more absences of the employees due to the spread of COVID-19 coronavirus than assumed by the Board of Directors, in relation to both persons who are directly or potentially infected, as well as persons quarantined,
3) suspension of activity or termination of business by the Company’s potential contractor,
4) introduction of further administrative restrictions by state administration or EU institutions, e.g. the need to temporarily suspend works related to the implementation of orders,
5) other events that are difficult to predict, the so-called “force majeure”.
So far, the above events have not had a significant impact on the operating and financial activities of the Issuer or its Capital Group. In the case of occurrence of any of the above risk factors, its escalation, or in the event of an increase in exposure to other risks not mentioned above, the financial and economic situation of the Company and the Capital Group may change.
In the opinion of the Board of Directors of the Issuer, the situation related to the spread of COVID-19 coronavirus may have an impact on the number of orders placed in the second and third quarter of 2020 due to the following risk factors:
1) the lack of decisions made by the contractors concerning contracts negotiated with the Company (regarding the offshore industry and related to, among others, the general epidemiological situation and oil prices),
2) the possibility of postponing the implementation of certain investments by potential contractors due to the uncertain economic situation in the markets.
The Board of Directors of the Issuer anticipates that the circumstances described above may have a potential impact on the results, financial standing and economic situation of the Company and the Capital Group in 2020, however, as at the date of this report, the Board of Directors of the Issuer is not able to estimate the actual impact of the epidemic on the future results of the Company and the Capital Group.
Potential new events or risks related to the development of the COVID-19 virus epidemic that will significantly affect or, in the opinion of the Board of Directors, may affect the financial results, operations or economic situation of the Issuer or its Capital Group will be published immediately in the form of a separate current report.
SIGNATURES OF PERSONS ACTING ON BEHALF OF THE COMPANY
Date Name and Surname Position/Function Signature
2020-03-23 Krzysztof Kosiorek-Sobolewski Chairman of the Management Board
2020-03-22 Marcin Garus Deputy Chairman of the Management Board