The first two months of 2020, before the introduction of the state of emergency in the country, showed that the Latvian economy is still slowly growing, which was also confirmed by the financial results of BT 1, the organizer of exhibitions, fairs, concerts and other events. However, in connection with the measures introduced to control Covid-19 in Latvia and around the world, the operation of SIA “BT 1” was practically suspended. With the easing of restrictions, the company’s operations are expected to recover slowly, but BT 1’s management predicts that the impact of Covid-19 will definitely be felt for at least the next two years, Lursoft’s customer portfolio reports.
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Last year, the organizer of exhibitions, fairs, concerts and other events “BT 1” organized 22 exhibitions and a total of 5113 companies participated in them and 403.9 thousand people visited them. The number of foreign participating companies in the exhibitions organized by BT 1 was 26% on an annual basis, while the number of foreign visitors was about 23% of the total number of visitors.
It should be noted that last year BT 1 had a turnover of 4.53 million euros and a profit after taxes of 43.23 thousand euros.
The turnover of SIA “BT 1” last year, compared to the previous year, has decreased by 200 thousand euros or more than 4%. The turnover at the exhibitions did not change significantly last year (except for the significant but partly already planned fall at the exhibition “Riga Comm” and the actually unplanned fall at the exhibition “Baltic Fashion & Textile Riga”), but last year the company did not organize such financially large events as in 2018. The “20th European Energy Electronics Conference”, which also marked last year’s drop in turnover.
Lursoft’s data show that BT 1 employees have been paid compensation for downtime several times, as well as the SRS has supported the distribution of the company’s overdue tax payments in terms of deadlines or deferral for up to three years. Currently, the company has no registered tax debt of more than 150 euros.
Last year, BT 1 employed 58 employees and paid 774.37 thousand euros in tax payments to the state budget.