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3.33 COVID-19: Impact on the financial statements in the financial year under review
The COVID-19 outbreak has developed rapidly in 2020. Measures taken by various governments to contain the virus have affected economic activity. We have taken a number of measures to monitor and prevent the effects of COVID-19, such as health and safety measures for our people (like physical distancing and working from home). Our application for compensation for short-time work for up to 80% of employees in the Book Retailing segment during the lockdown was approved. The short-time working compensation resulted in a credit to personnel expenditure in the year under review. Orell Füssli Thalia Ltd also applied for a for a government-backed loan of CHF 500,000, which was granted as of 31 March 2020. In addition, it has a credit limit of CHF 8,000,000, which was not used in the year under review.