Impact of the military conflict in Ukraine on the activities of Answear.com SA
Impact of the military conflict in Ukraine on the activities of Answear.com SA
As of February 25, 2022, the Management Board of Answear.com SA with its registered office in Kraków ("Company";"Issuer") informs about the impact of the current situation in Ukraine on the Company's operations.
The Issuer informs that the logistics partner which operates on the Ukrainian market has suspended deliveries to Answear.ua customers. At the same time, the Company informs that employees of the Answear.ua customer service department in Lviv are in constant contact with the Company.
In addition, the Issuer informs that the business model applied to the Ukrainian market generated variable costs and does not involve significant fixed costs. Flexible management of marketing budgets gives the Company's Management the possibility to reduce these expenses or redirect them to the remaining 9 markets on which the Company operates.
According to the 3Q2021 quarterly report published on November 29, 2021, the revenues generated by the Company on the Ukrainian market for the period of 9 months of 2021 amounted to PLN 68.5 million, which constituted approx. 16% of the total revenues of the Company in that period.
The Management Board of the Company monitors the situation in Ukraine on an ongoing basis. Any new conditions, significantly affecting the generated financial results and the economic situation of the Company, will be immediately communicated in the next current reports.