Novaturas' Financial Reports Delay Clarified by Bank of Lithuania
Novaturas Addresses Financial Reporting Timeline
The Financial Market Supervision Committee of the Bank of Lithuania recently made an important announcement regarding AB Novaturas. They disclosed that Novaturas submitted its audited annual financial statements later than the law stipulates. Specifically, the reports in question were submitted on June 9, 2025, which raised concerns for oversight authorities.
Understanding Financial Reporting Requirements
According to regulations established under the Law on Consolidated Financial Reporting by Groups of Undertakings and the Law on Securities within the Republic of Lithuania, companies must ensure their financial statements are publicly available and submitted to the supervisory authority. This must be completed no later than four months after the conclusion of the financial year, highlighting the importance of timely reporting.
Reasons for Delay in Submission
Novaturas acknowledged the delay, attributing it to the complexity of preparing and auditing the financial statements. They emphasized that their aim was to maintain the quality and accuracy of the reports, which inherently took longer than expected. It’s crucial to note that the extended preparation period related to previous financial periods did not alter Novaturas’ operational results for the year 2024.
Impact Assessment by the Bank of Lithuania
The Bank of Lithuania assessed whether the late submission negatively impacted third parties or posed risks to the stability of the financial market. Ultimately, they concluded there was no significant adverse effect on stakeholders or on Novaturas itself due to this breach. In fact, the bank recognized that Novaturas had already taken corrective actions in response to the oversight, which contributed positively to their assessment.
Company Overview and Financial Performance
For context, Novaturas Group is a well-known tour operator that has provided an extensive range of travel options from the Baltic States for over 25 years. With a commitment to exceptional service, Novaturas offers summer and winter recreational options, sightseeing tours, exotic vacations, skiing expeditions, workations, and group trips to numerous international destinations. In the financial year 2024, the Novaturas Group impressively recorded revenues of EUR 201 million and successfully catered to approximately 239,000 passengers across Lithuania, Latvia, and Estonia.
For Further Inquiries
Should you require more details, please contact:
Darius Undz?nas
CFO
+370 678 05749
Frequently Asked Questions
What led to the delay in Novaturas’ financial report submission?
The delay was primarily due to the extended preparation and audit process aimed at maintaining the quality and accuracy of the financial statements.
What are the legal requirements for financial report submission in Lithuania?
Under Lithuanian law, companies must submit their financial statements no later than four months after the end of the financial year.
Did the delay have a significant impact on third parties?
According to the Bank of Lithuania, there was no evidence that the delay had a substantial adverse effect on any third parties or the company itself.
What financial performance did Novaturas report for 2024?
Novaturas Group reported revenues of EUR 201 million and served about 239,000 passengers in the Baltic region in 2024.
Who can I contact for more information about Novaturas?
You can reach out to Darius Undz?nas, the CFO, at +370 678 05749 for inquiries.
About The Author
Contact Hannah Lewis privately here. Or send an email with ATTN: Hannah Lewis as the subject to contact@investorshangout.com.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.
